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part·ner·ship 
Audio Help [pahrt-ner-ship] Pronunciation Key
Audio Help [pahrt-ner-ship] Pronunciation Key –noun
| 1. | the state or condition of being a partner; participation; association; joint interest. |
| 2. | Law.
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| Dictionary.com Unabridged (v 1.1) Based on the Random House Unabridged Dictionary, © Random House, Inc. 2006. |
partnership
To learn more about partnership visit Britannica.com
| © 2008 Encyclopædia Britannica, Inc. |
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| part·ner·ship
Audio Help (pärt'nər-shĭp') Pronunciation Key
n.
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| The American Heritage® Dictionary of the English Language, Fourth Edition Copyright © 2006 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. |
| partnership | |
noun | |
| 1. | the members of a business venture created by contract |
| 2. | a cooperative relationship between people or groups who agree to share responsibility for achieving some specific goal; "effective language learning is a partnership between school, teacher and student"; "the action teams worked in partnership with the government" |
| 3. | a contract between two or more persons who agree to pool talent and money and share profits or losses |
| WordNet® 3.0, © 2006 by Princeton University. |
ˈpartnership1 noun
the state of being or becoming partners
Example: a business partnership; He entered into partnership with his brother.
ˈpartnership2 nounExample: a business partnership; He entered into partnership with his brother.
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people playing together in a game
Example: The champions were defeated by the partnership of Jones and Smith in the men's doubles.
See also: partnerExample: The champions were defeated by the partnership of Jones and Smith in the men's doubles.
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| Kernerman English Multilingual Dictionary (Beta Version), © 2000-2006 K Dictionaries Ltd. |
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.
[Chapter:] Business and Economics
| The American Heritage® New Dictionary of Cultural Literacy, Third Edition Copyright © 2005 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. |
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.
Related
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Solutions For Concentrated Positions
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. |
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 for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. |
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. |
Partnership
Com*men"dam\, n. [LL. dare in commendam to give into trust.] (Eng. Eccl. Law) A vacant living or benefice commended to a cleric (usually a bishop) who enjoyed the revenue until a pastor was provided. A living so held was said to be held in commendam. The practice was abolished by law in 1836. There was [formerly] some sense for commendams. --Selden. Partnership in commendam. See under Partnership.| Webster's Revised Unabridged Dictionary, © 1996, 1998 MICRA, Inc. |
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