partnership

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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 ?
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.
Telford Business Partnership is a membership organisation for companies from the business and professional services sector, which has more than 100 members.
Speaking of his new role David said: "The Business Partnership is a well established national company with a quality reputation and I was delighted when the opportunity arose to join the North East office.
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.
Citigroup and the New York Mets have inked an exclusive 20-year marketing and business partnership that includes the naming rights for the ball park.
Tokyo, Japan, Feb 20, 2006 - (JCN) - TRANS GENIC has agreed with livedoor and livedoor Securities to dissolve the current business partnership in the bio-related business.
Professionals from the Warwickshire Education Business Partnership visited Round Oak School, in Pound Lane, Lillington, to show teenagers the day to day running of a business.
Differences and conflicts are an inevitable part of most every business partnership.
The durability of a distributor-producer business partnership depends on its productivity for all the parties involved, which, in turn, requires that each party's interests, capabilities, roles and performance be aligned.

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