Kayla and Marshall formed a partnership. Marshall incurred a debt in the ordinary course of the partnership business. if the debt is not paid, the creditor may sue the partnership and the partners together or in separate lawsuits or in any combination.
When two parties, referred to as business partners, decide to work together to further their shared objectives, that arrangement is known as a partnership. A partnership may have one or more individuals, corporations, nonprofits, educational institutions, governmental bodies, or other entities as partners.
Organizations may collaborate to broaden their reach and improve the chances that each will succeed in reaching its goals. A partnership could be regulated only by a contract, or it could issue and hold equity. Partnerships played a role in Europe's Commercial Revolution, which began in the 13th century.
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