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 ?
It is prudent to incorporate allegations concerning as many of these factors as possible when drafting a cause of action seeking a partnership accounting. This best assures that the complaint can withstand a motion to dismiss.
In sum, a plaintiff seeking a partnership accounting must plead 1) it is part of a partnership that has failed to account to plaintiff, and 2) the remedy at law is inadequate.
(39) Prevailing on a defense motion for summary judgment on the basis that a partnership does not exist or a party is not a part of the partnership is difficult in phase one of a partnership accounting action.
At an introductory level, I question the relevance of ten-column worksheets, special journals, payroll, partnership accounting, reversing entries, foreign currency translation, standard costing journal entries, and FIFO process costing.
PEF Services LLC provides high-value, high-touch fund administration solutions that include partnership accounting, financial reporting, capital call and distribution processing, investor capital account maintenance, audit and tax return support and coordinated fulfillment of all investor deliverables.

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