|1.||a. a contractual relationship between two or more persons carrying on a joint business venture with a view to profit, each incurring liability for losses and the right to share in the profits|
|b. the deed creating such a relationship|
|c. the persons associated in such a relationship|
|2.||the state or condition of being a partner|
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.