partnership

11 ENTRIES FOUND:

part·ner·ship

noun \-ˌship\

: the state of being partners

: a relationship between partners

: a business that is owned by partners

Full Definition of PARTNERSHIP

1
:  the state of being a partner :  participation
2
a :  a legal relation existing between two or more persons contractually associated as joint principals in a business
b :  the persons joined together in a partnership
3
:  a relationship resembling a legal partnership and usually involving close cooperation between parties having specified and joint rights and responsibilities

Examples of PARTNERSHIP

  1. two people joined in partnership
  2. scientists working in partnership with each other
  3. The company is developing a new car in partnership with leading auto manufacturers in Japan.
  4. Their marriage is a partnership that has remained strong despite family illness.
  5. The singing duo has maintained a successful partnership for 20 years.
  6. a notable partnership between two experienced scientists in the field
  7. He joined the partnership last year.

First Known Use of PARTNERSHIP

1576

partnership

noun    (Concise Encyclopedia)

Association of two or more persons or entities that conduct a business for profit as co-owners. Except in the case of the limited liability partnership, which shares with the corporation the characteristic of being treated as a single entity whose members have limited personal liability, a partnership is traditionally viewed as an association of individuals rather than an entity with a separate and independent existence. A partnership cannot exist beyond the lives of the partners. The partners are taxed as individuals and are personally liable for torts and contractual obligations. Each is viewed as the agent of the others, and traditionally all are jointly and severally liable for the tortious acts of any partner.

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