partnership association

A business organization exclusively a creature of statute; a type of artificial person standing halfway between a limited partnership and a corporation. 40 Am J1st Partn § 518. An association in the form of a kind of partnership but departing from a general partnership characterized by unlimited liability of partners, all partners being special partners. 40 Am J1st Partn § 504. An association organized under laws making the capital subscribed alone responsible for the debts of the association; a corporation for the purposes of an ajudication in bankruptcy. 11 USC § 1(8); Bankruptcy Act § 1(8).

Ballentine's law dictionary. . 1998.

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