partnership









partnership


noun

  1. the state or condition of being a partner; participation; association; joint interest.
  2. Law.
    1. the relation subsisting between partners.
    2. the contract creating this relation.
    3. an association of persons joined as partners in business.

noun

    1. a contractual relationship between two or more persons carrying on a joint business venture with a view to profit, each incurring liability for losses and the right to share in the profits
    2. the deed creating such a relationship
    3. the persons associated in such a relationship
  1. the state or condition of being a partner

n.1570s, from partner (n.) + -ship. In the commercial sense from c.1700. An association of two or more persons to conduct a business. In contrast to a corporation, those who engage in a partnership are liable for debts incurred by the company to the full extent of their private fortunes rather than merely to the extent of their investment.

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