The phrase 'in common' means that the parties are acting together (as one) in the business enterprise, rather than participating separately, as individuals.

In particular, whatever they contribute to the business (skills, money or property) is intended to be 'partnership property' and is owned by all the partners jointly. Partners also operate on the basis that each of them has the power to represent the others, as agents. In these ways, partners run their business jointly, not separately.

When persons act independently in a business venture, retaining their own property, and not acting as each other's agents, the relationship is best described as a 'joint venture' rather than as a partnership.