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 ?
First, for at least the last two decades, the most popular form of real estate ownership when multiple investors are involved has been that of an LLC or partnership for many reasons, including the ability to avoid double taxation and to limit one's exposure to personal liability.
The partnership return for 1998 showed $242,000 of partnership profits; $121,000 appeared on Burke's schedule K-l.
Under the proposed regulations, if a service provider receives a partnership interest of profits or capital that is substantially vested and not subject to a substantial risk of forfeiture, or substantially nonvested with a Sec.
As a result of their participation in school-family partnership programs, parents reaped a number of benefits including an increased sense of well-being and personal competence.
The California Alliance of PreK-18 Partnerships, for example, is gearing up by drafting seven partnership case studies and developing state policy recommendations for supporting collaborations.
The state's federally funded STWOA proposal outlined how 57 local partnerships would be funded across the 13 Joint Training and Partnership Act (1982) regions of the state, thus ensuring representative participation across urban, rural, and suburban areas.
A partnership arises from a mutual or perceived unfilled need between two parties, [2] often a supplier and a customer.
According to one partnership source, "communication among school and university faculties has sometimes been difficult .
Once we understand the cultural, social, and personal configurations of the partnership and dominator models, we can more effectively develop the educational methods, materials, and institutions that foster a less violent, more equitable, democratic, and sustainable future.
Sections 351 and 721 of the Internal Revenue Code(1) have long provided that transfers of property to a corporation or partnership, respectively, are not a taxable event if the transferor receives either sufficient stock or a partnership interest in exchange.
While this isn't a likely picture for most companies, you should be aware that the limited-liability company and limited-liability partnership structures may become a bigger factor for your company during the next few years.

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