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 ?
A private investment partnership strategy of concentrating on a reduced number of funds, managed exclusively on behalf of BlueCrest's partners and employees, will facilitate higher returns and greater profitability for the firm's stakeholders, and give it greater flexibility to compete aggressively for trading talent.
BPG's previous fund, BPG Investment Partnership VII, L.
Unlike an electing investment partnership, the partner-level loss limit rule does not apply to a securitization partnership.
A fund of funds is a private investment partnership that invests in multiple hedge funds.
Petroleum company VTTI Energy Partners LP (NYSE:VTTI) said on Friday that Vitol Investment Partnership has agreed to acquire MISC Berhad's (MISC) 50% shareholding in VTTI BV for cash consideration of USD830m, subject to certain conditions precedent.
Lloyds Banking Group plc announces that it has agreed to sell its asset management business Scottish Widows Investment Partnership Group Limited to Aberdeen Asset Management plc for an initial consideration payable in Aberdeen shares with a value of approximately GBP560m, and a further deferred consideration, payable in cash, of up to GBP100m,' it said.
The AICPA AcSEC issued a proposed statement of position that would amend SOP 95-2, Financial Reporting by Nonpublic Investment Partnerships, to include within its scope a type of investment partnership--known as a commodity pool--formed to trade interests in commodities and regulated under the Commodity Exchange Act of 1974.
An "eligible partner" is a partner who did not contribute any assets to such a partnership other than those described in the definition of investment partnership (so long as such partner was not a transferor or transferee in a nonrecognition transaction involving the transfer of any portion of a partnership interest for which the transferor was not an eligible partner).
After transfer of GBP42bn from Insight, Scottish Widows Investment Partnership will have GBP125bn in assets under management.
The financial statements of an investment partnership, when prepared in conformity with GAAP, should, at a minimum, include a condensed schedule of investments in securities owned by the partnership at the close of the most recent period.

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