partnership

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Partnership

Shared ownership among two or more individuals, some of whom may, but do not necessarily, have limited liability with respect to obligations of the group. See: General partnership, limited partnership, and master limited partnership.

Partnership

A business structure in which two or more persons share in the ownership and profits and losses of the business. There are three main types of partnerships. In general partnerships, two or more partners, jointly and severally, share all profits and losses, management authority, and risk for the business. In a limited liability partnership, partners share profits and losses and divide management authority according to the company's specific structure. In case of liquidation, every partner is only liable for the amount he/she has invested in the company, much like a stockholder in a corporation. Limited partnerships have elements of both the previous structures, having both general partners and limited partners. General partners in a limited partnership must share a certain amount of profit and financial liability with limited partners according to an arrangement between them. In this situation, general partners have all management authority and unlimited liability, while a limited partner is only liable for his/her investment.

In most jurisdictions, partnerships are preferable to corporations because partnerships' profits are not taxed prior to distribution to the partners. In other words, there is no equivalent to a corporate tax on partnerships. On the other hand, partners have more legal and financial liability in case of liquidation than would shareholders and most management in a corporation.

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.

partnership

a BUSINESS owned and controlled by two or more persons who subscribe capital and share decision-taking as specified by a partnership agreement. Generally partners have unlimited liability for any debts incurred by the partnership and any of them may enter into contracts on behalf of the partnership. Partnerships are particularly prevalent in professional services, for example accounting, surveying and insurance. See SLEEPING PARTNER, SOLE PROPRIETORSHIP, JOINT-STOCK COMPANY, LIMITED LIABILITY.

partnership

see FIRM.

partnership

A legal relationship between two or more persons, each of whom may act as an agent for the partnership and legally bind it and the other partners.

Partnership

A form of business in which two or more persons join their money and skills in conducting the business. Partnerships must file a return but are not subject to tax. Each partner reports his or her share of the partnership's income, gains, losses, deductions, and credit on his or her individual return.
References in periodicals archive ?
The new investment partnership will be sponsored by Fremont Group and will provide equity capital to acquire operating companies.
The new investment partnership will be part of Fremont Group and will provide equity capital to acquire operating companies.
In 1996, another Malkin-led investment partnership purchased and performed a similar upgrade program at the nearby 120,000 square-foot 711 Westchester Avenue, one of the county's major turnaround successes of the decade.
It is an equity investment partnership holding $540 million in capital for use in acquisitions in the insurance industry.
The companies will be held by Brock, which is owned by Lindsay Goldberg & Bessemer, a New York-based investment partnership, the Brock family and members of management of the combined companies.
Advent Partner(R) is a comprehensive solution that gives firms the ability to deliver the accuracy, efficiency and responsiveness necessary to efficiently manage an investment partnership," said Peter Hess, Senior Vice President and General Manager of Advent's Global Accounts business.
based investment partnership acquired the assets in a 1031 exchange.
Whether these investments will be consummated depends on the satisfaction or waiver of a number of conditions, including but not limited to KKR investment committee approval and, if applicable, KPE independent director approval, some or all of which may not be in the control of KPE, the Investment Partnership or KKR.
Further, the distributive share of income and deductions of a trading partnership is not treated as portfolio income and deductions as it would be for a partner in an investment partnership.
The partnership is an investment partnership [defined in section 731(c)(3)(C)(i)] and the partner is an eligible partner [defined in section 731(c)(3)(C)(iii)].
BPG is in the process of completing the investment period for its prior fund, BPG Investment Partnership VI, L.

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