Partnerships A partnership consists of two or more owners doing business together for profit. Partnership, which account for about 10 percent of all business, are typically larger than sole proprietorships. Finance, insurance, and real estate firms are the most common types of partnership. Public accounting and stock brokerage partnerships often have large numbers of partners. most partnerships are established by a written contract known as the article of partnership.in a general partnership, all the partners have unlimited liability. In a limited partnership, one or more partners can be designated as having limited liability as long as least one partner has unlimited liability. A limited partner is normally prohibited from being active in the management of the firm.