partnership

partnership
An unincorporated business entity in which two or more individuals (known as partners) agree to share the *risks and *rewards of an activity. Unlike a *corporation, a partnership does not have a separate legal personality - partners essentially act as *agents for one another, and individual partners have unlimited personal liability for the debts of the business. (The liability of so-called "limited partners" is restricted to the value of their investment in the partnership.) The advantages of partnerships include (i) a low level of administrative costs, (ii) a low level of regulations, and (iii) flexibility to admit new partners. The main disadvantage of partnerships is the unlimited liability of individual partners.

Auditor's dictionary. 2014.

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  • partnership — part·ner·ship n: an association of two or more persons or entities that conduct a business for profit as co owners see also uniform partnership act in the important laws section compare corporation, joint venture, sole pro …   Law dictionary

  • Partnership — • An unincorporated association of two or more persons, known as partners, having for its object the carrying on in common by the partners of some predetermined occupation for shared profit Catholic Encyclopedia. Kevin Knight. 2006. Partnership… …   Catholic encyclopedia

  • Partnership — Part ner*ship, n. 1. The state or condition of being a partner; as, to be in partnership with another; to have partnership in the fortunes of a family or a state. [1913 Webster] 2. A division or sharing among partners; joint possession or… …   The Collaborative International Dictionary of English

  • partnership — P/ s. n. asociere într o afacere a doi sau mai mulţi parteneri, în care fiecare îşi menţine propriul capital, dar îl administrează şi îl foloseşte în comun cu ceilalţi, participând proporţional la împărţirea câştigului. (< engl. partnership)… …   Dicționar Român

  • partnership — (n.) 1570s, from PARTNER (Cf. partner) + SHIP (Cf. ship). In the commercial sense from c.1700 …   Etymology dictionary

  • partnership — /ˈpartnerʃip, ingl. ə ˈpɑːtnəʃip/ [vc. ingl., comp. sul modello di leadership] s. f. inv. accordo, partenariato …   Sinonimi e Contrari. Terza edizione

  • partnership — [n] alliance; participation affiliation, assistance, association, band, body, brotherhood, business, cahoots*, cartel, chumminess, clique, club, combination, combine, community, companionship, company, conglomerate, conjunction, connection,… …   New thesaurus

  • partnership — ► NOUN 1) the state of being a partner or partners. 2) an association of two or more people as partners …   English terms dictionary

  • partnership — [pärt′nərship΄] n. 1. the state of being a partner; participation 2. the relationship of partners; joint interest; association 3. a) an association of two or more partners in a business enterprise b) a contract by which such an association is… …   English World dictionary

  • PARTNERSHIP — Formation The earliest form of commercial partnership in Jewish law was partnership in property, or joint ownership. Craftsmen or tradesmen who wished to form a partnership were required to place money in a common bag and lift it or execute some… …   Encyclopedia of Judaism

  • Partnership — For the cricket term, see Partnership (cricket). A partnership is an arrangement where parties agree to cooperate to advance their mutual interests.[1] Since humans are social beings, partnerships between individuals, businesses, interest based… …   Wikipedia

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