The relationship that exists between two or more persons carrying on business in common with a view to profit. Partnerships are governed in New Zealand by the Partnership Law Act 2019 (PLA 2019) and any partnership agreement. The partner relationship is based on contractual and fiduciary principles.

Although the PLA 2019 refers to partners collectively as a "firm", a partnership is not a separate legal entity. Partners generally have unlimited liability, although the Limited Partnerships Act 2008 allows the formation of limited partnership, where the liability of inactive partners is limited, with unlimited liability imposed on the active partners.