:For partnership in cricket terminology, see Partnership (cricket) A partnership's a type of business entity in which partners (owners) share with each other the profits or losses of the business. Partnerships are often favored over corporations for taxation purposes, as the partnership structure doesn't generally incur a tax on profits before it's distributed to the partners (for example there's no dividend tax levied). However, depending on the partnership structure and the jurisdiction in whi… (More on Partnerships)