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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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. All rights reserved. All rights reserved.

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.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

partnership

see FIRM.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.

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.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary
References in periodicals archive ?
Typically, despite the fact that individual partners do not have title in partnership property, partnership property would be seized under writs of execution; the debtor partner's interest in the partnership would be sold, often to the judgment creditor, subject to the payment of partnership debts and prior claims of the partnership against the debtor partner; and the sale of the debtor partner's interest would result in compulsory dissolution and winding up of the partnership.
What is the effect of a partnership's not electing to adjust the basis of partnership property on the sale or exchange of a partnership interest or on the death of a limited partner?
In acknowledgement of the unfair results, the IRC permits the partnership to elect to adjust the partnership's basis in partnership property with respect to a partner to whom an interest in a partnership is transferred by sale or exchange or on the death of a partner.
partner's right in specific partnership property is not separately
Thus, the IRS has proposed a new rule that would determine a partner's attributable share of controlled partnership property (and the amount taken into account for Sec.
The Scottish Widows Investment Partnership Property Trust has purchased phase one and two of the Lakeside Industrial Estate in Redditch.
A partnership interest is a capital asset that, if sold, would be given capital gain or loss treatment except to the extent of the partner's share of certain partnership property that, if sold by the partnership, would produce ordinary gain (i.e., his share of "unrealized receivables" and "substantially appreciated inventory").
(45) Roseville, CA 50 ConAm Management Corporation (92)# San Diego, CA# 51 Fairfield Residential (41)# Grand Prairie, TX# 52 Partnership Property Management (46) Greensboro, NC 53 Pacific West Management (51) Irvine, CA 54 HSC Real Estate (47) Seattle, WA 55 NDC Real Estate Management Inc.
(6) the transferor not only continues to manage the partnership property
2007-40 (32) that a transfer of partnership property in satisfaction of a partnership's obligation to make a guaranteed payment under Sec.
A section 754 election does impose administratively burdensome recordkeeping requirements on the partnership and can negatively affect the basis of partnership property in the future.
It is the author's opinion that the cleaner of the two alternatives of the immediately preceding sentence is to transfer in exchange for partnership interests rather than for partnership property.[21] I.R.C.

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