A partnership is a community of goods and persons formed through a partnership agreement. It is a fundamental partnership of persons regulated by the Obligations Act and is also a historical trace that company law developed from the law of obligations. A partnership is a company without legal personality, meaning it cannot be the holder of rights and obligations as such. Partners typically represent and manage the partnership's affairs and are jointly and unlimitedly liable for the partnership's obligations with their entire property. The key advantage of a partnership is the simplicity of its formation and the dispositive nature of the norms that regulate it. A partnership agreement generally does not need to be concluded in a specific form. The specific feature of a partnership is its property regime, as the property of the partners is a shared, undivided asset owned collectively by all partners. Provisions related to joint ownership, as prescribed by the Ownership and Other Real Rights Act, apply to the shared property. A partnership's property can be created in two ways: through the partners' contributions or through the partnership's business operations. Although the Obligations Act provides for a partnership as an external entity with assets that enters into legal transactions with third parties, this is not always the case. A partnership can also exist without assets as an ideal partnership. An essential element of a partnership agreement is the existence of a common goal, which does not necessarily have to be profit generation. The key obligation of the partners is the contribution, meaning that the partners are obligated to participate equally in achieving the partnership’s goal. A partner does not have the right to dispose of its contribution or of any individual items or rights from the shared property. The right to divide the shared property is regulated in detail by the Obligations Act, while the joint ownership dissolution by the Ownership and Other Real Rights Act. In addition to the reasons for the termination of a partnership as prescribed in the special chapter on partnership, the termination of partnership is possible also on the basis of general provisions of the Obligations Act. The consequences of termination include the cancellation of the internal relationship among the partners, which means the cessation of the internal partnership, as well as the cessation of the external partnership, i.e., the termination of relationships with third parties. The process of termination and the conclusion of a partnership is called liquidation.