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Definition of Partnership - 7 dictionary results
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part⋅ner⋅ship
[pahrt-ner-ship] 
nərˌʃɪp
–noun
| 1. | the state or condition of being a partner; participation; association; joint interest. |
| 2. | Law.
|
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2009.
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Based on the Random House Dictionary, © Random House, Inc. 2009.
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|
Link To Partnership
| part·ner·ship (pärt'nər-shĭp') n.
|
The American Heritage® Dictionary of the English Language, Fourth Edition
Copyright © 2009 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Copyright © 2009 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Partnership
Part"ner*ship\, n. 1. The state or condition of being a partner; as, to be in partnership with another; to have partnership in the fortunes of a family or a state. 2. A division or sharing among partners; joint possession or interest. Rome, that ne'er knew three lordly heads before, First fell by fatal partnership of power. --Rowe. He does possession keep, And is too wise to hazard partnership. --Dryden. 3. An alliance or association of persons for the prosecution of an undertaking or a business on joint account; a company; a firm; a house; as, to form a partnership. 4. (Law) A contract between two or more competent persons for joining together their money, goods, labor, and skill, or any or all of them, under an understanding that there shall be a communion of profit between them, and for the purpose of carrying on a legal trade, business, or adventure. --Kent. Story. Note: Community of profit is absolutely essential to, though not necessary the test of, a partnership. 5. (Arith.) See Fellowship, n., 6. Limited partnership, a form of partnership in which the firm consists of one or more general partners, jointly and severally responsible as ordinary partners, and one or more special partners, who are not liable for the debts of the partnership beyond the amount of cash they contribute as capital. Partnership in commendam, the title given to the limited partnership (F. soci['e]t['e] en commandit['e]) of the French law, introduced into the code of Louisiana. --Burrill. Silent partnership, the relation of partnership sustained by a person who furnishes capital only.
Webster's Revised Unabridged Dictionary, © 1996, 1998 MICRA, Inc.
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Language Translation for : Partnership
Spanish:
sociedad,
German:
die Teilhaberschaft,
Japanese:
協同
partnership
An association of two or more persons to conduct a business. In contrast to a corporation, those who engage in a partnership are liable for debts incurred by the company to the full extent of their private fortunes rather than merely to the extent of their investment.
The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Partnership
A business organization in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts from the business.
Investopedia Commentary
Partnership doesn't always mean two people. There are many large partnerships who have thousands of partners.
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See also: Joint Venture, Limited Partnership - LP, Sole Proprietorship, Strategic Alliance
Investopedia.com. Copyright © 1999-2005 - All rights reserved. Owned and Operated by Investopedia Inc.
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partnership
- A business owned by two or more people who agree on the method of distribution of profits and/or losses and on the extent to which each will be liable for the debts of one another. A partnership permits pass through of income and losses directly to the owners. In this way, they are taxed at each partner's personal tax rate. Compare corporation, proprietorship. See also general partnership, limited partnership, silent partner.
Wall Street Words: An A to Z Guide to Investment Terms by David L. Scott.
Copyright © 2003. Published by Houghton Mifflin.
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Copyright © 2003. Published by Houghton Mifflin.
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Main Entry: part·ner·ship
Function: noun
: an association of two or more persons or entities that conduct a business for profit as co-owners —see also Uniform Partnership Act in the IMPORTANT LAWS section —compare CORPORATION, JOINT VENTURE, SOLE PROPRIETORSHIP
NOTE: Except in civil law as practiced in Louisiana, where a partnership, like a corporation, is considered a legal person, a partnership is traditionally viewed as an association of individuals rather than as an entity with a separate and independent existence. A partnership cannot exist beyond the lives of the partners. The partners are taxed as individuals and are personally liable for torts and contractual obligations. Each partner is viewed as the other's agent and, traditionally, is jointly and severally liable for the tortious acts of any one of the partners.
commercial partnership
: TRADING PARTNERSHIP in this entry
family partnership
: a partnership in which the partners are members of a family
general partnership
: a partnership in which each partner is liable for all partnership debts and obligations in full regardless of the amount of the individual partner's capital contribution —compare LIMITED PARTNERSHIP in this entry
limited liability partnership
: a partnership formed under applicable state statute in which the partnership is liable as an entity for debts and obligations and the partners are not liable personally
lim·it·ed partnership
: a partnership in which the business is managed by one or more general partners and is provided with capital by limited partners who do not participate in management but who share in profits and whose individual liability is limited to the amount of their respective capital contributions —compare GENERAL PARTNERSHIP in this entry
master limited partnership
: a limited partnership that offers interests for sale on the market; also : the interests themselves sold as securities
min·ing partnership
: a partnership in which two or more persons jointly own a mining claim and actually engage in extracting minerals with the purpose of sharing profits and losses
non·trad·ing partnership
: a partnership that is not engaged in the buying and selling of goods called also non-commercial partnership —compare TRADING PARTNERSHIP in this entry
partnership at will
: a partnership whose duration is not fixed by contract and that is terminable at will by any partner
partnership by estoppel
: a partnership created by operation of law when a defendant by words or conduct represents himself or herself to the plaintiff or to the public as a partner and the plaintiff relies on the representation to his or her detriment
partnership in commendam
in the civil law of Louisiana : LIMITED PARTNERSHIP in this entry
trad·ing partnership
: a partnership whose business involves the buying and selling of goods called also commercial partnership —compare NONTRADING PARTNERSHIP in this entry
Merriam-Webster's Dictionary of Law, © 1996 Merriam-Webster, Inc.
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