partnership(redirected from Relationship of Partners to Third Persons)
Also found in: Dictionary, Thesaurus, Medical, Legal, Financial.
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.