When two or more individuals or two or more corporations engage in business together as partners, a partnership is formed. In a partnership, all partners share both the profits and the risks or debts of the business.
It is important to note that registering a partnership does not grant any right of ownership of the business name or prevent others from operating a business using the same name. However, registration does serve as proof that the business owner(s) has been operating the business under a certain trade name from a specific date.