partnership

(redirected from Business partnership)
Also found in: Dictionary, Thesaurus, Medical, Legal, Financial.

partnership

a. a contractual relationship between two or more persons carrying on a joint business venture with a view to profit, each incurring liability for losses and the right to share in the profits
b. the deed creating such a relationship
c. the persons associated in such a relationship

Partnership

A legal relationship existing between two or more persons contractually associated as joint principals in a business as co-owners.

Partnership

 

in the United States, Great Britain, and certain other bourgeois states that have adopted the Anglo-Saxon system of law, a legal and organizational form for capitalist enterprises.

A partnership is defined by law as a relationship that exists between persons who are jointly conducting a business for profit. Relations between partners are regulated by contract. A partnership is not considered a legal entity; its assets are jointly owned by the partners. In the absence of special agreement to the contrary, each partner is an authorized agent for the partnership and has the right to transact business. Partners bear joint liability to creditors for contract obligations.

References in periodicals archive ?
As part of the business partnership agreement, Philips and Masimo have agreed to end all pending lawsuits between the two companies, which includes that Philips is released from paying the USD 467 million (approximately EUR 428 million) jury verdict that was awarded to Masimo in October, 2014.
In addition, as a part of the business partnership agreement, Philips and Masimo have agreed to end all pending lawsuits between the two companies, which includes that Philips is released from paying the USD467m jury verdict that was awarded to Masimo in October 2014.
We have the potential to succeed, and now through the Sunderland Business Partnership scheme, we have a collective force to maximize what we do have and deliver even more.
The new Education Business Partnership Centre uses a range of cutting-edge technologies such as a holographic table which projects images of Jaguar Land Rover's Ingenium engines to show how they are manufactured.
The bank's participation and that of others is essential to making the summit a potential launch pad for joint ventures and business partnerships, and a fertile ground for information exchange on funding programmes," said Arab Asia Business Partnership Summit chairwoman Shaikha Noora bint Isa bin Salman Al Khalifa.
Liverpool Mayor, Joe Anderson, second left, with Liverpool Waterfront Business Partnership directors, Amy de Joia, Jenny Douglas, Ian Pollitt, Sue Grindrod and Bob Prattey
Lady Morgan said: "I am delighted to have been appointed to the role of chair of the Cardiff Business Partnership.
CH2M HILL received an Anchorage School Business Partnerships STAR Award.
Sharon Wyatt, for Telford Business Partnership, said: "We were delighted to join forces with The Community Foundation to raise money for such important local causes.
The organisation, which works to add an enterprising edge to the curriculum, has also now taken over the former South Tyneside Education Business Partnership (EBP), now relaunched as Blue Venture, whose programmes reach thousands more young people this year.
Julie Fellows, from Platinum Training, Liz Walford, from Walsall Housing Group and Paul Di Mambro, from Accord Housing, were presented with their awards at the Walsall Education Business Partnership Employer Conference, held at Banks's Stadium.
The Oakland-based Media Alliance and the San Francisco Bay Guardian had requested that court records be made public in a lawsuit challenging a business partnership between Denver-based MediaNews Group and Hearst Corp.

Full browser ?