partnership

(redirected from Partnership Accounting)
Also found in: Dictionary, Thesaurus, Medical, Legal, Financial.

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 ?
During phase one of a partnership accounting action, the primary issues are typically whether a party is a partner of the partnership or whether a partnership exists.
Citi offers fund and partnership accounting, fund administration, transfer agency, compliance support, regulatory support, alternative investment services and a full suite of asset manager solutions through Citi OpenInvestor(SM).
In addition to its award-winning transfer agency services, Citi offers fund and partnership accounting, fund administration, compliance, regulatory support, alternative investment services and front- and middle-office asset manager solutions.
Services for real estate fund sponsors include: fund and partnership accounting, property consolidation, REIT test facilitation, waterfall administration, tax and investor relations support, document management and online investor portals.
Morgan will provide AMC's IFC Capitalization Fund and IFC African, Latin American and Caribbean Fund with a set of comprehensive services including: fund and partnership accounting, capital call and distribution management, treasury services, tax support services, waterfall development, carry plan administration and financial reporting.
A client since 1994 , Wexford also uses SS&C's portfolio and partnership accounting platform, AdvisorWare[TM], and enterprise reconciliation solution, Recon[TM], for Wexford's in-house accounting processes for their multi-tiered structured funds.
TNR's flagship product, TNR Solution[TM], is an enterprise solution that supports the full breadth of front to back office capabilities, including partnership accounting, investor relations, CRM, fundraising, deal, fund and portfolio management, GL and reporting for fund managers, investors, and fund investors.
Morgan Private Equity Fund Services will provide Greylock Capital with a set of comprehensive services including fund and partnership accounting, capital call/distribution management, and investor tracking, along with investor relations support and treasury services.

Full browser ?