partnership

(redirected from Partnership Property)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia.

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 ?
After written notice is received, the partnership must make the applicable adjustments to the basis of the partnership property, as of the date of transfer, in any amended return otherwise to be filed by the partnership or in the next regularly filed return.
743 in the AJCA, the mandatory basis adjustment rules were changed to require a partnership to adjust the basis of partnership property upon the sale or exchange of a partnership interest or upon the death of a partner if the partnership has a substantial built-in loss immediately after the transfer.
In the absence of any agreement you will be entitled to the net value of your share of the partnership property.
The basis of partnership property is generally unaffected when a partner sells or exchanges its interest.
The UPA theory of partnership was that it was an aggregate of its members, who held partnership property as tenants in partnership.
Since 1985 we have sponsored 14 real estate partnership funds, and we have never sold a partnership property for a loss," stated Mr.
752 to be a partnership obligation to the extent that the obligation (1) creates or increases the basis of partnership property, (2) gives rise to an immediate deduction in computing the partnership's taxable income, or (3) gives rise to a nondeductible expenditure not properly chargeable to capital (Regs.
The overall vision for the Riverfront encompasses an additional 2 miles on the West Riverfront -- from Joe Louis Arena to the Ambassador Bridge -- which includes the Detroit Media Partnership property.
Their agreement provided for all partnership items to be allocated 50/50 and all partnership property to be revalued if either of them contributed additional capital.
The partnership must also follow the principles of section 704(c) and the regulations when a partnership chooses to revalue partnership property under the provisions of section 704(b).
Recently, CNGC acquired a neighboring Aurora Partnership property from Electra Gold Ltd.
Full browser ?