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 ?
Several Regulations sections require or permit the fair market value of partnership property to be recorded on the partnership's books and in the partners' capital accounts.[30] Often the tax basis of partnership property varies from the fair market value, and thus a set of partnership books kept on the tax basis must be maintained.
(28) In all but the simplest of partnerships, complying with the partnership tax rules and following the partners' desired economic arrangement requires maintaining at least two sets of partnership books tracking at least two different sets of partner capital accounts from inception: (1) tax and (2) Sec.
RUPA includes a broad right of access of all partners to partnership books and records.

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