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A partnership is when two or more people decide to join and create and carry a business. Consequently, everyone who takes part in this deal must contribute money, skills, labor, and property to the business. Because of such exchange, each person shares and divides both profits and losses incurred by the business. 

A joint venture conducted by husband and wife is not classified as a partnership unless the spouses are co-owners and not in the name of a state law entity (including a general or limited liability company).

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