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 ?
We also found significant weak correlation between cell dissociation, nuclear margins, nuclear chromatin and tumor grade.
Dissociation is thus the process of changing and winnowing out term I so that the value of term II is maintained.
We document a case of AV dissociation and congestive heart failure associated with mitral valve insufficiency in a ring-necked pheasant.
Several studies confirmed the close association between depressive symptoms and dissociation (20-22).
Blizard (1997, 2003), de meme que Blizard et Bluhm (1994), ajoutent que la dissociation aurait comme fonction de preserver l'attachement vital d'un enfant a une figure d'attachement presentant des caracteristiques pathologiques.
5 that called on all political components of the government, including Hezbollah, to abide by the policy of dissociation from regional conflicts and noninterference in the internal affairs of Arab countries.
In its severest forms, people may experience episodes of dissociation that last for several days.
However, the role of dissociation in modelling theoretical knowledge has been highly debated.
Psychoform dissociation includes amnesia, depersonalization, derealization, and identity confusion and alteration, which may be experienced as Schneiderian symptoms (auditory hallucinations, passive control phenomena, etc.
Dissociation, Impulsivity, and Addictive Features of NSSI