What Is a Private Limited Partnership?

A private partnership enterprise refers to a private enterprise that is invested by two or more persons in accordance with an agreement, is jointly operated, and has a total profit and loss. To establish a private partnership, the partners must enter into a written agreement that sets out the rights and obligations between the partners. Partners are jointly and severally liable for corporate debt. The internal debts of the partners shall be shared in accordance with the provisions of the partnership agreement. ^[1]