Browse our HR content and webinar libraries, read the latest blog articles, or check out our HR Software Calculator.
Get new and unique perspectives on HR tech, best practices, and current events every week.
A new podcast from BambooHR about putting your people first.
Browse our library of ebooks, infographics, how-to guides, and unique research.
Stream HR insights right to your screen. Watch one of our 100+ partner webinars absolutely free.
We wrote the book on everything HR.
From Applicant Tracking System to Work/Life Balance, we can help you become a walking HR encyclopedia.
Want to know how much your organization could save with the right HRIS? Start here.
From hiring and onboarding remotely to supporting employee mental health, find relevant HR resources for helping your business recover from a crisis.
Learn about all of the exciting changes that are happening to our platform.
Learn about the company, find press and media details, or apply to work with us!
Who we are, where we came from, and why we make HR software.
This is where you’ll find the latest news and resources from BambooHR.
Are you awesome? Come work with us!
Join us at all the virtual and non-virtual events we're throwing or attending.
Join one of our partner programs.
Get in touch with BambooHR.
Glossary of Human Resources Management and Employee Benefit Terms
A business partnership is a legal agreement between two or more entities that determines shared ownership and operation of a business. A partnership may be between two people, two businesses, or shared among any number of people and organizations. For the definition of an HR business partner, click here: HR Business Partner
A business partnership usually begins with a verbal agreement between the business partners to form a new business or share an existing business, and that agreement is then confirmed by a written document outlining the type of partnership and details of the arrangement, signed by all parties.
There are three main types of business partnerships:
General Partnership: All of the business partners are general partners, meaning they are involved with operating the business and share liability for the business.
Limited Partnership: One or more general partners operates and is liable for the business while other limited partner(s) may function as advisors or simply as silent investors and are not liable.
Limited Liability Partnership: All partners are shielded from the actions of the company or other partners, as in many medical clinics and law firms where the individual liability of the partners is seen as too great to be shared by all partners.
While both business partners and shareholders can claim some ownership of a business, a business partner’s ownership is based upon the agreement with other partners in the business and often involves some form of control over how the business operates. A shareholder is an investor who owns shares in a publicly traded business, and while that affords them some influence (like the right to vote on major company decisions), their participation is limited, and usually based on the number of shares they own. However, what a shareholder loses in terms of influence within the business is offset by the fact that shareholders are not liable for the actions of the business; they may lose or gain money as a result of the performance of the business, but they cannot be held accountable for any illegal activity on the part of the business or its partners.