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partnership

   Also found in: Dictionary/thesaurus, Medical, Legal, Financial, Wikipedia, Hutchinson 0.01 sec.

partnership

Association of two or more persons or entities that conduct a business for profit as co-owners. Except in the case of the limited liability partnership, which shares with the corporation the characteristic of being treated as a single entity whose members have limited personal liability, a partnership is traditionally viewed as an association of individuals rather than an entity with a separate and independent existence. A partnership cannot exist beyond the lives of the partners. The partners are taxed as individuals and are personally liable for torts and contractual obligations. Each is viewed as the agent of the others, and traditionally all are jointly and severally liable for the tortious acts of any partner.
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A distant part of the estate, a tract of waste land that had lain fallow for eight years, was with the help of the clever carpenter, Fyodor Ryezunov, taken by six families of peasants on new conditions of partnership, and the peasant Shuraev took the management of all the vegetable gardens on the same terms.
Anna Karenina by Tolstoy, Leo View in context
THE ASS and the Fox, having entered into partnership together for their mutual protection, went out into the forest to hunt.
Fables by Aesop View in context
The Highwayman was so pleased with the Traveller's philosophy and wit that he took him into partnership, and this splendid combination of talent started a newspaper.
Fantastic-Fables by Bierce, Ambrose View in context
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