A partnership is a type of business entity in which partners (owners) share with each other the profits or losses of the business undertaking in which all have invested. 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 which it operates, owners of a… (More on Partnerships)