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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 proprietorship◇ Except in civil law as practiced in Louisiana, where a partnership, like a corporation, is considered a legal person, a partnership is traditionally viewed as an association of individuals rather than as 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 partner is viewed as the other's agent and, traditionally, is jointly and severally liable for the tortious acts of any one of the partners.commercial partnership: trading partnership in this entryfamily partnership: a partnership in which the partners are members of a familygeneral partnership: a partnership in which each partner is liable for all partnership debts and obligations in full regardless of the amount of the individual partner's capital contribution compare limited partnership in this entrylimited liability partnership: a partnership formed under applicable state statute in which the partnership is liable as an entity for debts and obligations and the partners are not liable personallylim·it·ed partnership: a partnership in which the business is managed by one or more general partners and is provided with capital by limited partners who do not participate in management but who share in profits and whose individual liability is limited to the amount of their respective capital contributions compare general partnership in this entrymaster limited partnership: a limited partnership that offers interests for sale on the market; also: the interests themselves sold as securitiesmin·ing partnership: a partnership in which two or more persons jointly own a mining claim and actually engage in extracting minerals with the purpose of sharing profits and lossesnon·trad·ing partnership: a partnership that is not engaged in the buying and selling of goods – called also non-commercial partnership; compare trading partnership in this entrypartnership at will: a partnership whose duration is not fixed by contract and that is terminable at will by any partnerpartnership by estoppel: a partnership created by operation of law when a defendant by words or conduct represents himself or herself to the plaintiff or to the public as a partner and the plaintiff relies on the representation to his or her detrimentpartnership in commendam in the civil law of Louisiana: limited partnership in this entrytrad·ing partnership: a partnership whose business involves the buying and selling of goods – called also commercial partnership; compare nontrading partnership in this entry
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
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I
noun
alliance, association, coalition, combination, concord, confederacy, confederation, conjunction, connection, consociation, consortio, consortium, cooperation, cooperative society, copartnership, federation, fellowship, firm, guild, joint interest, league, legal entity, mutual company, participation, pool, societas, sodality syndicate
associated concepts: commercial partnership, copartnership, corporation, dissolution of partnership, general partnership, joint enterprise, joint venture, limited partnership, partnership agreement, partnership assets, partnership at will, partnership debts, partnership for a single transaction, partnership property, professional partnership, silent partner, special partnership, voluntary association
foreign phrases:
- Nemo debet in communione invitus teneri. — No one should be retained in a partnership against his will- Si alicujus rei societas sit et finis negotio impositus est, finitus societas. — If there is a partnership in any matter, and the business is concluded, the partnership is endedII index affiliation (connectedness), association (connection), coaction, coalition, community, company (enterprise), consortium (business cartel), consortium (marriage companionship), contribution (participation), cooperative, firm, integration (assimilation), league, matrimony, merger, pool, sodality, syndicate
Burton's Legal Thesaurus. William C. Burton. 2006
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Under the Partnership Act 1890 a partnership is a business, which is not a limited company, carried on by two or more persons, whether or not on an equal sharing basis, with a view to profit.
Easyform Glossary of Law Terms. — UK law terms.
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n.An association between two or more people who call themselves partners and share the profits and risks of a business or some other undertaking.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
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an association of two or more persons carrying on business in common with a view to profit. The main principles of the law of partnership are to be found in the Partnership Act 1890, an Act that, for the most part, applies equally to England and Scotland. The Act did not substantially alter the common law and, indeed, intended to codify the law; accordingly, cases decided before 1890 may be used to illustrate the principles contained in the Act. Except in the case of a limited partnership, formed under the Limited Partnerships Act 1907 or under the Limited Liability Partnerships Act 2000, each partner is liable to the full extent of his property for the whole debts of the partnership firm should the firm be unable to meet them. Every partner must account to the firm for any benefit derived by him without the consent of the other partners from any transaction concerning the partnership or from any use by him of the partnership property, name or business connections. This also applies to transactions after the partnership has been dissolved by the death of a partner and before its affairs have been completely wound up. A partnership is essentially a contract between those involved, and the rights and obligations of the partners are governed by the terms of the agreement between them: see Pooley v. Driver (1876) LR 5 Ch. D. 458. Under English law, a partnership does not have a legal personality separate from its members. In Scotland it does, so a partnership can own property, although the title to heritable property is usually taken in the name of the partners or some of them as trustees for the firm. The sharing of profits and losses is usually governed by the articles of partnership or partnership agreements. In the absence of express or implied agreement, partners contribute equally towards losses, whether of capital or otherwise, sustained by the firm. Where the profits are not shared equally, the losses are, in the absence of agreement, borne in the same proportion as the profits are shared, regardless of whether one partner has put up more capital than others.An attempt by a partner to pledge the firm's credit for a purpose apparently not connected with its ordinary business will not bind the firm unless he has been especially authorised by the other partners: Tower Cabinet Co. v. Ingram [1949] 2 KB 397. A partner has no implied authority to execute deeds on behalf of his firm; equally, the implied authority does not extend to acts not usually incidental to the scope of the partnership business.Partners in a firm are jointly and severally liable for any breach of trust committed by one partner, in which they were implicated.Persons other than partners may have authority to deal with third parties on behalf of the firm; however, such persons have no implied mandate. Any act or instrument relating to the business of the firm, done or executed in the firm's name, or in any other manner, showing an intention to bind the firm, by any person authorised thereto (whether a partner or not) is binding on the firm and on each and every partner.Provisions in articles of partnership or deeds of dissolution frequently provide that the partners continuing the firm's activities are to indemnify the outgoing partner against existing partnership liabilities. Often the articles will confer on continuing partners an option to purchase the interest of an outgoing partner; if that option is exercised, the outgoing partner is not entitled to any further share of profits. If there is no such option (or if it has not been exercised), the outgoing partner has the option of taking either interest at 5 per cent per annum on the value of his share or on such share or profit as the court may find attributable to the use of such share. Articles often contain provisions prohibiting an outgoing partner from carrying on a similar trade or profession within specified limits of time and distance, although the limitations must be reasonable to be enforced.Subject to any agreement in the articles of partnership, the following may cause a partnership to be dissolved: (a) notice; (b) elapse of fixed time as provided for in the partnership articles; (c) where the partnership is formed for a particular purpose or adventure, the fulfilment of that purpose or completion of the adventure; (d) bankruptcy of a partner; (e) expulsion of a partner; (f) by order of the court. See generally, Chandroutie v . Gajadhar [1987] AC 147.Proposals for substantial reforms were initiated by the Law Commission and the Scottish Law Commission in 2000.
Collins dictionary of law. W. J. Stewart. 2001.
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Refers to a legal structure for a business of two or more individuals; called a general partnership when used without a qualifier such as "limited" or "limited liability." Each owner (partner) is personally liable for all debts of the business, and each partner claims a share of the the business's income or losses on the partner's individual tax return. To form a partnership, each partner normally contributes money, property, or labor in exchange for an ownership interest in the partnership. Most partnerships are created by a formal written partnership agreement, although they may be based on an oral agreement or just a handshake. See also: limited partnership, limited liability partnership (LLP)Category: Business, LLCs & Corporations → LLCs, Corporations, Partnerships, etc.
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
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The relationship which subsists between two or more persons carrying on business in common with a view to profit. Partnerships are governed in the UK by the Partnership Act 1890. A partnership is not a separate legal entity. Partners generally have unlimited liability.A partnership under the Partnership Act 1890 differs from a limited partnership established under the Limited Partnerships Act 1907 and a limited liability partnership established under the Limited Liability Partnerships Act 2000.+ partnershipUSAAn unincorporated association of two or more persons or entities formed to carry on as co-owners of a business for profit. Partnerships are governed by the laws of the state in which they are formed and the partnership agreement. Certain multi-member LLCs, trusts and non-US entities are treated as partnerships for US federal income tax purposes.A contractual arrangement (where no separate entity is formed) may be deemed a partnership if the parties carry on a trade, business, financial operation or venture and divide its profits (regardless of the intent of the parties or whether the parties entered into a partnership agreement).Related linksRelated links
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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n. A voluntary joining of two or more persons to jointly carry on and profit from a single business. A partnership is presumed to exist if the persons have agreed to proportionally share the losses and profits from that enterprise.@ limited partnershipA partnership comprised of one or more people in charge of the business who are personally responsible for the debts of the partnership (known as general partners) and one or more people who provide capital and share in the profits but who do not manage the business and are responsible only for the amount of their contribution (known as limited partners).=>> partnership.@ partnership in crimen.1 An agreement or combination by two or more individuals to commit a crime or to commit a lawful act by unlawful means. Making the agreement is a crime, even if the unlawful act that is planned is never performed, but most states require overt action by one of the conspirators to further the conspiracy before the making of the agreement becomes criminal. A conspiracy to harm someone is also a tort. Also called conspiracy (1).See also tortfeasor, concert of action rule, accessory, accomplice, aid and abet, attempt, connivance, conscious parallelism, solicitation.@
Webster's New World Law Dictionary. Susan Ellis Wild. 2000.
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An association of two or more persons engaged in a business enterprise in which the profits and losses are shared proportionally. The legal definition of a partnership is generally stated as "an association of two or more persons to carry on as co-owners a business for profit" (Revised Uniform Partnership Act § 101 (1994)).
Dictionary from West's Encyclopedia of American Law. 2005.
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An association of two or more persons engaged in a business enterprise in which the profits and losses are shared proportionally. The legal definition of a partnership is generally stated as "an association of two or more persons to carry on as co-owners a business for profit" (Revised Uniform Partnership Act § 101 [1994]).
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
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n.a business enterprise entered into for profit which is owned by more than one person, each of whom is a "partner." A partnership may be created by a formal written agreement, but may be based on an oral agreement or just a handshake. Each partner invests a certain amount (money, assets and/or effort) which establishes an agreed-upon percentage of ownership, is responsible for all the debts and contracts of the partnership even though another partner created the debt or entered into the contract, has a share in management decisions, and shares in profits and losses according to the percentage of the total investment. Often a partnership agreement may provide for certain division of management, shares of investment, profit and/or rights to buy out a partner upon leaving the partnership or death. Each partner owes the other partners a duty of full disclosure of information which affects the business and cannot commandeer for himself/herself business opportunities which rightfully belong to the partnership. A partnership which does business under a trade name must file with the county or state a certificate of "doing business under a fictitious name," which gives notice to the public of the names of partners and the business address. A "limited partnership" limits the responsibility for debts beyond the investment to the managing "general partners." The investing "limited partners" cannot participate in management and are limited to specific percentages of profit. A partnership differs from a "joint venture," which involves more than one investor for only a specific short-term project and prompt division of profits. Partnerships are traditionally the most fragile of business arrangements and are often dissolved and subject to disputes. But several million exist in the United States and, ironically, they are the favorite business entity for law firms.
Law dictionary. EdwART. 2013.
