What is the legal definition of a business partnership?

A business partnership is a legal agreement between two or more individuals who have united to carry on a business. The individuals in the business partnership are known as partners and they share the profits, losses, and liabilities of the business. In New Hampshire, the official legal definition of a business partnership is defined in Chapter 304-A of the New Hampshire Revised Statutes Annotated (RSA). According to the RSA, a business partnership is an agreement between two or more persons to jointly contribute money, property, or industry to conduct a business. All partners in the business partnership must be jointly and severally liable for the liabilities of the business. This means that each partner is liable for the debts and obligations of the business, regardless of how much or how little they contributed to the business. Additionally, each partner is entitled to a pro rata share of the profits of the business and is individually liable for his or her share of the profits. In other words, any profits or losses that the business earns are split amongst the partners based on the percentage of the business that they own. The RSA also defines the rights and obligations of each partner in the business partnership. These rights and obligations include the right to make management decisions, the obligation to comply with the business agreement, and the duty to act in the best interests of the business partnership. In conclusion, the legal definition of a business partnership in New Hampshire, as outlined by the RSA, requires that partners jointly contribute money, property, or industry, that each partner is liable for the liabilities and profits of the business, and that each partner has certain rights and obligations to uphold.

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What is the legal definition of a business partnership?

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