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 ?
The Summer Institute grew out of the LIRTF's membership in the New York State Partnership for Statewide Systems Change.
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 local partnership coordinators had a wide range of prior work experiences, both in education and business.
Broadly speaking, there are three areas that are critical for potential partners to attend to --he relationships among the partners, the business arrangement, and the future of the partnership. (We use the term partnership, not in the strict legal sense but to describe any type of co-ownership arrangement.) People entering partnerships need to know with whom they are getting involved, exactly what the deal is, and where they are going down the road.
When deciding if a partnership exists, it must be determined whether the partners intended to join together for the purpose of carrying on a trade or business and to share the profits and losses of that venture.
Thus, there are presently a very large number of investors owning property in the name of a multiple member LLC or partnership. Second, these investors have significant gain in their real estate investments due to the great appreciation in most real estate markets today.
The purpose of this article is to describe a program evaluation partnership that has been developed and sustained in Michigan for the past four years by the Department of Labor and Economic Growth - Rehabilitation Services (herein referred to as MRS) and the Office of Rehabilitation and Disability Studies at Michigan State University.
Burke referred to IRC section 703(a), which requires a partnership's taxable income to be computed in the same manner as an individual's taxable income, and cited a series of cases in which individuals did not have to report taxable income that had restrictions on the money's use.
How does a partnership determine the value of a capital or profits interest?
Day Two focused on a number of unique partnership tax planning and transactional issues, beginning with an overview of "thinking outside the corporate box and inside the partnership triangle," partnership mergers and divisions, and a review of techniques for compensating partners, including guaranteed payments and emerging issues in the use of options and other forms of equity.
That situation called for drastic measures, "Instead of taking that as a huge blow to our firm, we found a way to buy the company," says Briscoe, a partnership veteran who served as president and COO of Ask Jeeves before launching GlobalStreams.

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