A partnership can be formed by a written or implied agreement, and does not require the creation of a formal entity.
All partners have a heightened “fiduciary” relationship with one another and must treat one-another with the highest level of loyalty and candor.
Unlike limited liability entities such as corporations, LLCs and limited partnerships, partners in a partnership are personally liable for the liabilities of the partnership.
“Joint ventures” also known as “joint adventures” are essentially partnerships with a limited scope or purpose. The co-venturers are not general partners, bur rather partners in a specific or particular type of business venture. Often times, competitors will combine their resources for a specific project by initiating a joint venture.