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A partnership (such as a CNC) is a group of two or more people who agree to pool their resources in a business venture for the purpose of making a profit. In order to establish the terms of the partnership and to protect the partners in the event of disagreement or dissolution of the partnership, a partnership agreement must be drawn up. Standard forms are also available at stationery stores. The partners share the profits according to the terms of the agreement. There are two types of partnerships: general partnerships and limited partnerships. In a general partnership, two or more owners share the management of the business and each is personally liable for all debts and obligations of the business, which means that each partner is responsible for the actions of the other partner(s) and must bear the consequences. The second type of partnership, the limited partnership, involves limited partners who pool only capital. They do not participate in the management of the business ...