partnership

An association of two or more persons to carry on as co-owners a business for profit. Uniform Partnership Act § 6. A combination, effected by two or more persons, of capital or personal services for the purpose of conducting a business for their common benefit. The contract of two or more competent persons to place their money, effects, labor, and skill, or some or all of them, in lawful commerce or business, and to divide the profit and bear the loss in certain proportions. 40 Am J1st Partn § 2. But, strictly speaking, a relation or status rather than a contract. Spaulding v Stubbings, 86 Wis 255, 56 NW 469. A distinct legal entity according to some authority; a legal entity for some purposes only, according to other authority. 40 Am J1st Partn § 18. For federal income tax purposes, inclusive of a syndicate, group, pool, joint venture, through or by means of which any business, financial operation, or venture is carried on, and which is not a corporation, an association taxable as a corporation, or a trust or estate. Internal Revenue Code § 761. See general partnership; limited partnership; ostensible partner; quasi partner; silent partner.

Ballentine's law dictionary. . 1998.

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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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