partnership

2 definitions found

From The Collaborative International Dictionary of English v.0.48 [gcide]:

Partnership \Part"ner*ship\, noun

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.

2. A division or sharing among partners; joint possession or interest.

Rome, that ne'er knew three lordly heads before, First fell by fatal partnership of power. --Rowe.

He does possession keep, And is too wise to hazard partnership. --Dryden.

3. An alliance or association of persons for the prosecution of an undertaking or a business on joint account; a company; a firm; a house; as, to form a partnership.

4. (Law) A contract between two or more competent persons for joining together their money, goods, labor, and skill, or any or all of them, under an understanding that there shall be a communion of profit between them, and for the purpose of carrying on a legal trade, business, or adventure. --Kent. --Story.

Note: Community of profit is absolutely essential to, though not necessarily the test of, a partnership.

5. (Arith.) See {Fellowship}, noun, 6.

{Limited partnership}, a form of partnership in which the firm consists of one or more general partners, jointly and severally responsible as ordinary partners, and one or more special partners, who are not liable for the debts of the partnership beyond the amount of cash they contribute as capital.

{Partnership in commendam}, the title given to the limited partnership (F. soci['e]t['e] en commandit['e]) of the French law, introduced into the code of Louisiana. --Burrill.

{Silent partnership}, the relation of partnership sustained by a person who furnishes capital only.

From WordNet (r) 3.0 (2006) [wn]:

partnership

noun

1: the members of a business venture created by contract

2: a cooperative relationship between people or groups who agree to share responsibility for achieving some specific goal; "effective language learning is a partnership between school, teacher and student"; "the action teams worked in partnership with the government"

3: a contract between two or more persons who agree to pool talent and money and share profits or losses


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Monday, March 30, 2015 5:48:18 AM Coordinated Universal Time (UTC)

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