Definition of Partnership.

Partnership is the between two or more parson who have agreed
 to share profit of a business carried on by all or any one of them acting for all.

Characteristics: 

1. Its a relationship. (Contractual)
2. Between two or more persons. (natural parson nor juristic or artificial parson)
3. There must be an agreement to share profit. (as well losses)
4. Of a business and
5. That business may be carried on by or any one of them acting for all.