partnership


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Related to partnership: limited partnership, Partnership agreement

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 classic literature ?
When his apprenticeship had expired, he received a salary according to his deserts, varying from eighty to one hundred and sixty pounds sterling, and was now eligible to the great object of his ambition, a partnership in the company; though years might yet elapse before he attained to that enviable station.
With whichsoever of the many tongues of Rumour this frothy report originated, it either never reached or never influenced the ears of young Snagsby, who, having wooed and won its fair subject on his arrival at man's estate, entered into two partnerships at once.
I'm offering you a partnership," said Doctor South grumpily.
It came out in evidence that, in partnership with Colonel Moran, he had actually won as much as four hundred and twenty pounds in a sitting, some weeks before, from Godfrey Milner and Lord Balmoral.
I hope, my dears, it will be a long time before we are obliged to dissolve partnership.
Your partnership is a little mysterious, isn't it - with a man like that?
Either I should cancel our partnership agreement and go away, leaving you to get another chaperone to chaperone your chaperone; or else I'd take the old hen out in the whale-boat and drown her.
THE ASS and the Fox, having entered into partnership together for their mutual protection, went out into the forest to hunt.
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.
Also, having quarrelled with Clam and broken partnership, Nelson had sailed the Reindeer, his arm in a sling, with a crew of two deep-water sailors, and he had sailed so madly as to frighten them ashore.
Why, your poor dear papa's cousin's sister-in-law--a Miss Browndock--was taken into partnership by a lady that kept a school at Hammersmith, and made her fortune in no time at all.
Then in what sort of partnership is the just man a better partner than the harp-player, as in playing the harp the harp-player is certainly a better partner than the just man?
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