partnership

(redirected from Partnership Interests)
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 ?
If the partnership agreement does not contain the provisions described in item 2 (or the provisions are not legally binding on all partners), each partner must execute a legally binding document stating that (a) the partnership is authorized and directed to elect the safe-harbor valuation rules, and (b) the partner agrees to comply with all requirements of the safe-harbor rules with respect to all partnership interests transferred in connection with the performance of services while the election remains effective.
Under current tax law, a holder of a partnership interest is taxed on its allocable share of the partnership's taxable income.
2036(a) did not apply, the Tax Court already had determined a discount in excess of 30 percent to reflect the lack of control and marketability inherent in Strangi's limited partnership interest.
Once the assets are initially transferred to the FLP, gifts of FLP interests are then made by forms assigning partnership interests.
On the deemed distribution to the original partnership's partners, assuming that each partner receiving the deemed distribution has sufficient outside basis in its partnership interest, the distributee partners generally also will take a substituted basis in the distributed resulting partnership.
Typically, a property owner contributes its property to the umbrella partnership in exchange for partnership interests, which are redeemable after a negotiated lock out period for shares in the REIT or cash, at the REIT's option.
The proposed regulations provide clear guidelines related to determining value by introducing a new type of partnership interest, the Safe Harbor Partnership Interest.
Because ownership interests in an LLP and an LLC are subject to limited liability, they are limited partnership interests.
First, the Internal Revenue Code specifically excludes partnership interests from tax deferral in an exchange.
2503(a) and whether a gift of a partnership interest is itself entitled to the benefit of the annual gift tax exclusion.
After the close of the first tax year, the partnership interests would become substantially reversed.

Full browser ?