A Partnership is an association of two or more persons to carry on a business for profit. When the owners of the Partnership have unlimited liability they are called general partners. If partners have limited liability they are limited partners. There may be a silent partner as well-a person who is known to the public as a member of the firm but without authority in management. The reverse of the silent partner is the secret partner – a person who takes part in management but who is not know to the public.