A partnership is a business owned jointly by two or more individuals. Small businesses
and many professional practices of physicians, lawyers, and accountants, are
often organized as partnerships. Relative to sole proprietorships, partnerships provide
increased access to financial resources as well as access to the individual skills of each
of the partners. Similar to sole proprietorships, partnerships are accounting entities
separate from the owner-partners; however, the owner-partners are jointly responsible
for all the debt of the partnership.2 Finally, the partnership is automatically dissolved
when any partner leaves the partnership; of course, the remaining partners may form
a new partnership and continue to operate.