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 ?
To understand what dissociation looks like, we must first consider how unresolved trauma shows up in the human experience.
In the current study, percutaneous fixation of spinopelvic dissociation showed a statistically lower intraoperative blood loss compared to open reduction internal fixation (171 cc versus 528 cc, p = 0.0013) and a lower rate of postoperative infections (1 versus 0, p = 0.483).
The potential is modified in QGP to study the binding energy and dissociation temperature by including Debye screening mass as follows [45, 46]:
In its severest forms, people may experience episodes of dissociation that last for several days.
(1996) developed the Somatoform Dissociation Questionnaire (SDQ-20), a 20-item self-rating instrument that measures somatoform dissociation.
Involuntary dissociation, or dissociation by expulsion, can occur under one of two circumstances.
The parameters including cell dissociation, nuclear margins and nuclear chromatin showed weak correlation with tumor grade.
I propose a fourth way of approaching visual arguments, one which is based in Chaim Perelman and Lucie Olbrechts-Tyteca's theory of dissociation, as laid out in The New Rhetoric (1969).
Abstract: The aim of this clinical report was to describe a case of complete atrioventricular dissociation in a 9-month-old, male ring-necked pheasant (Phasianus colchicus).
The situation is made even worse when we consider, as I noted earlier, that in hypnosis research the responses to many of these psychological questionnaires, such as those of absorption and dissociation, have been shown to be influenced by the context in which they are given.
Dissociation is clinically seen in different forms, such as dissociative amnesia, dissociative fugue, dissociative identity, derealization, and depersonalization (1).