A business partner is a commercial entity with which another commercial entity has some form of alliance.This relationship may be a contractual, exclusive bond in which both entities commit not to ally with third parties.Alternatively, it may be a very loose arrangement designed largely to impress customers and competitors with the size of the network the business partners belong to.his relationship may be a contractual, exclusive bond in which both entities commit not to ally with third parties. Alternatively, it may be a very loose arrangement designed largely to impress customers and competitors with the size of the network the business partners belong to.