Partnership

A Partnership is the default business organization in Ohio. It is briefly described as "two or more persons entering into a business venture for profit." The law will assume, when two or more people are operating a business, that it is a partnership unless specific documentation has been filed to state otherwise. In the case of a general partnership, all partners may be liable for the debts of the business as well as the actions of their partners. Because the owners and operators do not enjoy limited liability, there are not many ownership and capitalization requirements on partnerships.