Legal Definitions - family partnership

A family partnership is a type of business partnership where the partners are related to each other. It is governed by the same laws and regulations as any other partnership.

For example, a father and son may start a family partnership to run a small business together. They would share the profits and losses of the business according to their agreed-upon terms.

Another example could be a group of siblings who inherit a family farm and decide to form a partnership to manage and operate it together.

Family partnerships are a way for family members to work together and share in the success of a business. However, it is important to have a clear partnership agreement in place to avoid any misunderstandings or conflicts.