partnership

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Related to Partnerships: General partnerships

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 classic literature ?
Snagsby has dealt in all sorts of blank forms of legal process; in skins and rolls of parchment; in paper--foolscap, brief, draft, brown, white, whitey- brown, and blotting; in stamps; in office-quills, pens, ink, India- rubber, pounce, pins, pencils, sealing-wax, and wafers; in red tape and green ferret; in pocket-books, almanacs, diaries, and law lists; in string boxes, rulers, inkstands--glass and leaden--pen-knives, scissors, bodkins, and other small office-cutlery; in short, in articles too numerous to mention, ever since he was out of his time and went into partnership with Peffer.
It is true that the peasants of the same company, though they had agreed to work the land on new conditions, always spoke of the land, not as held in partnership, but as rented for half the crop, and more than once the peasants and Ryezunov himself said to Levin, "If you would take a rent for the land, it would save you trouble, and we should be more free.
to execute a relinquishment of his share in the partnership, and even a bill of sale on the very furniture of his house, in consideration of a certain annuity, to be well and truly paid by - HEEP - on the four common quarter-days in each and every year.
And the worst of it was that her merry eye was in partnership with a merry tongue.
She begged hard for life, which he was generous enough to give her, but he bade her to tell him how she had got into partnership with the abominable creatures he had just put to death.
In August we lost 300,000 francs at the beginning of the month, but on the 13th we made up for it, and we now find that our accounts, reckoning from the first day of partnership up to yesterday, when I closed them, showed a capital of 2,400,000 francs, that is, 1,200,000 for each of us.
Outfit of a trapper Risks to which he is subjected Partnership of trappers Enmity of Indians Distant smoke A country on fire Gun Greek Grand Rond Fine pastures Perplexities in a smoky country Conflagration of forests.
It is not what your ship will NOT do that you want to know to get on terms of successful partnership with her; it is, rather, that you ought to have a precise knowledge of what she will do for you when called upon to put forth what is in her by a sympathetic touch.
To the feminine mind in some of its moods, all things that might be receive a temporary charm from comparison with what is; and since Adam did not want to marry Dinah himself, Lisbeth felt rather peevish on that score--as peevish as she would have been if he HAD wanted to marry her, and so shut himself out from Mary Burge and the partnership as effectually as by marrying Hetty.
And at Michaelmas, perhaps, a fourth may be added: some small hunting-box in the vicinity of everything so dear; for as to any partnership in Thornton Lacey, as Edmund Bertram once good-humouredly proposed, I hope I foresee two objections: two fair, excellent, irresistible objections to that plan.
Or, it may be that the latter has entered into a partnership with her.
To put an end to these sordid and ruinous contentions, several of the principal merchants of Montreal entered into a partnership in the winter of 1783, which was augmented by amalgamation with a rival company in 1787.

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