partnership

An association of two or more people (partners) formed for the purpose of carrying on a business. Partnerships are governed by the Partnership Act (1890). Unlike an incorporated company, a partnership does not have a legal personality of its own and therefore partners are liable for the debts of the firm. General partners are fully liable for these debts, limited partners only to the extent of their investment. A limited partnership is one consisting of both general and limited partners and is governed by the Limited Partnership Act (1907). The Limited Liability Partnership Act (2000) now enables business partnerships to claim limited liability in a similar fashion to that enjoyed by limited companies. A partnership-at-will is one for which no fixed term has been agreed. Any partner may end the partnership at any time provided that notice of the intention to do so is given to all the other partners. Nominal partners allow their names to be used for the benefit of the partnership, usually for a reward but not for a share of the profits. They are not legal partners. Partnerships are usually governed by a partnership agreement

Accounting dictionary. 2014.

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Look at other dictionaries:

  • 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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