Like the term suggests, this structure allows two or more people to come together to share resources to make a profitable business. The partnership would leave all members sharing the responsibilities including debt. Since all members can legally bind each other without approval, there is a few things to remember. Make sure your business partner is the ideal one for the job to reduce a chance of conflict rising.
There are great benefits in a partnership. Much like a sole proprietorship, a partnership is easy to create with lower costs to launch the business. There is a larger management structure to share responsibilities and support the business with, although it means sharing authority. There is more sources of capital and there may even be some tax advantages.
Partnership is another great option for the structure of your business. Make sure to draw up a partnership agreement with terms and conditions to protect yourself in case of future disputes or a dissolution.