A Partnership is a business structure that allows multiple individuals or entities to own and operate a business while enjoying the benefits of flexible management and taxation options. They can be formed under a GP, LP, LLP, or a Partnership LLC. Partnerships typically benefit from pass-through taxation, where business profits and losses are passed through to the members' personal tax returns, avoiding the double taxation faced by corporations. Partnerships also have the option to elect their tax structure to become a C Corporation if it is more beneficial for legal purposes.