There are many forms of business: partnership, corporations, sole proprietorships, limited liability partnerships or companies, etc. A business partnership is a company with more than one owner. A business partnership usually requires a declaration of partnership, or partnership agreement and in some cases; they are made readily available to the public. The U.S. federal government does not hold any certain statutory laws over the development of a business partnership. A business partnership is the easiest and most cost effective business organization to initiate and sustain. However, there are a many more important facts you should know prior to starting your own business partnership, so please check with your local attorney.