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Definitions for: Partnership
[n] a contract between two or more persons who agree to pool talent and money and share profits or losses
[n] the members of a business venture created by contract
Webster (1913) Definition: 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.
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 necessary the test of, a partnership.
5. (Arith.) See Fellowship, n., 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.
See Also: business, business concern, business organisation, business organization, concern, contract, copartnership, partner
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