PARTNERSHIP • DICTIONARY ONE.COM • Definition of Partnership

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/pˈɑrtnərʃˌɪp/ Listen

noun

Partnership 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." "He does possession keep, And is too wise to hazard partnership."

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. Note: Community of profit is absolutely essential to, though not necessarily 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. société en commandité) of the French law, introduced into the code of Louisiana.

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

See images of 'Partnership'

Etymology of 'Partnership'

Collaborative International Dictionary of English 0.48

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"Partnership" Quotes from Famous Books

... and Lester should enter into a one-deal partnership, covering the purchase and development of a forty-acre tract of land lying between Fifty-fifth, Seventy-first, Halstead streets, and Ashland Avenue, on the southwest side. There were indications of a genuine real estate boom there—healthy, natural, and ...

— Jennie Gerhardt - A Novel • Theodore Dreiser

... performance it certainly is, dealing with the arrangements entered into by the three persons of the Trinity, in as bald and matter-of-fact language and as commercial a spirit as if the author had been handling the adjustment of a limited partnership between three retail tradesmen. But, lest a layman's judgment might be considered insufficient, the treatise was submitted by the writer to one of the most learned of our theological experts,—the same who once informed a church dignitary, who had been attempting to define his theological ...

— Pages From an Old Volume of Life - A Collection Of Essays • Oliver Wendell Holmes, Sr.

... Woodrow Wilson's record in New Jersey were aware that the Executive would be the leader in the enactment of legislation. The executive and legislative branches of the Government in this administration would, all informed people knew, be in partnership in the promotion of an enterprise as practical as it ...

— Woodrow Wilson as I Know Him • Joseph P. Tumulty

... Prime, Ward, and King, for letters of introduction for my future route. Read P. and S.'s articles of partnership. Wrote another long letter to my wife. Put Mr. Dowden's commission into Mr. Pearce's hands, and Mr. Carrick's into Mr. Brough's, who has friends at Vicksburgh. Bought my wife a handsome rocking-chair. Then walked down to see the Queen of the West, the finest ...

— Journal of a Voyage across the Atlantic • George Moore

... willing to pay a good premium to an Insurance Office that could guarantee you all these. Well, there is a Company that does this without paying any premium, and its name is "God and Co., Unlimited"; the only condition, is that you yourself have to take the part of "Co." and it is not a sleeping partnership, ...

— The Law and the Word • Thomas Troward

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