Metaglossary.com - Definitions for "partnership"
Form of business organization in which two or more co-owners form a business. In a general partnership each partner is liable for the debts of the partnership. Limited partnership permits some partners to have limited liability.
An association of two or more persons (or entities) to carry on as co-owners of a business and sharing in its profits or losses (not necessarily equally).
In a partnership, two or more people jointly own the business. While general partners are fully liable for the debts of the business, limited partners have limited liability.
A form of business ownership made up of two or more people. Partners share an agreed upon percentage in the responsibility, profits, and/or losses of their business.
A legal business entity in which two or more persons or business entities join capital, expertise and/or labor in a proportionate manner. Profits and losses are passed through to the partners. The partnership pays no income taxes.
This is joint or several ownnership of a business with unlimited liability of the partners.
An open relationship among different partners, whose strength lies in the diverse but complementary contributions that each one makes toward achieving a common objective.
An association of two or more autonomous bodies who have formed a trusting relationship and agreed upon expectations by sharing complementary strengths and resources, to reach their mutual goal.
A business relationship between two or more people who agree to share their resources, profits, and losses in specific portions.
Non-incorporated business venture of two or more individuals or companies. Profits or losses flow, directly and equally, to the partners.
A special form of organisation that joins two or more individuals together as co-owners.
A contract between two or more persons to carry on as co-owners of a business, and to share the profits in certain proportions.
Business conducted by two or more individuals who pool their money and talent, and together share the profits and losses. Par Value - A value that a corporation assigns to its security for bookkeeping purposes. Pass-Through Security - Instrument representing an interest in a pool of mortgages. Pass-throughs pay interest and principal on a monthly basis.
Negotiated relationships that exist between two or more entities that have voluntarily entered into a legal or moral contract.
a business run collectively by two or more individuals, Who share risks and profits.
A relationship between two or more entities wherein each accepts responsibility to contribute a specified, but not necessarily equal, level of effort to the achievement of a common goal. The public and private sector contributing their relative strengths to protect and assure the continued operation of critical infrastructures.
A form of ownership in which two or more individuals share a business.
A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that they shall proportionally share profits and losses between them.
A relationship between two or more people who are in business together.
A working relationship between two or more parties creating added value for the Customer and, often, sharing risks and profits. Partners can include suppliers, distributors, joint ventures, and alliances. However, external suppliers may not always be recognised as formal partners.
A type of unincorporated business organization in which multiple individuals, called general partners, manage the business and are equally liable for its debts; other individuals called limited partners may invest but not be directly involved in management and are liable only to the extent of their investments. Or more generally, a relationship of two or more entities conducting business for mutual benefit. see also limited partnership, company, joint stock company, joint venture, limited partnership, master limited partnership, private limited partnership, public limited partnership, resyndication limited partnership, S Corporation, venture capital limited partnership.
A type of business organization typified by two or more proprietors.
Business entity owned by two or more people who are personally liable for all business debts.
A business model in which two or more individuals join together to conduct business and share profit and losses. Commercial insurance policies usually differentiate in the "Who Is Insured" section between corporations, partnerships, and other business models. Therefore, the type of model being insured is important.
(1) one of the two competing teams of two players;(2) the totality of understandings between two players.
Means an unincorporated organization with two or more members that carry on a trade, business, financial operation, or venture and divide its profits.
An ownership entity in which two or more partners are involved, and can be either a Limited Partnership or a General Partnership. There is no taxation at the partnership level, but taxes are levied on the partners' individual income from the partnership.
Two or more persons who come together with an agreement to operate a business.
A form of business in which two or more persons join their money and skills in conducting the business. Partnerships are treated as “pass-through” entities for tax purposes, and are not subject to taxation at the entity level. Items of partnership income, expenses, gains, and losses pass through to the individual partners and are reported on the partners’ income tax returns.
The collective body of Partners that owns the business.
Two or more people associated in order to work together as co-owners of a business.
Two or more persons joined together as co-owners in a business for profit. A contractual business relationship between two or more persons. All partners should be requested to execute division orders and transfer orders on partnership leases unless one partner is given a power of attorney by the other partner(s).
A business organization in which two or more persons carry on a business together. Partners are each fully liable for all the debts of the enterprise but they also share the profits exclusively. Many states have laws which regulate partnerships and may, for example, require some form of registration and allow partnership agreements.
Two or more people who carry on a business for profit pursuant to an agreement that money, labor, skills and profits will be utilized and divided in predetermined proportions.
Collaboration among institutions to achieve mutually shared and agreed upon objectives and goals that draws on individual strengths and maximizes synergies. Effective partnerships, where there is a clear understanding of the contribution of each partner to agreed outcomes, are central to achieving results.
The relationship that exists between persons carrying on business with a view to making profit.
A partnership is a business that is owned by two or more people. In a business partnership the partners share the profits and expenses of running the business. The partnership contract should clearly state how the profits and expenses will be shared, especially if one partner gets a bigger share than the other(s).
A business association of two or more owners who share in the profits and losses of the business. Individual partners may be jointly and separately liable for the debts of the partnership.
A form of proprietorship in which there is more than one owner of the business.
form of business where two or more individuals manage the business and are equally and personally liable for its debts.
An informal association of two or more individuals normally created by a private partnership agreement. There is no limited liability afforded to the partners, although the partnership agreement can provide indemnification rights to all or some of the partners.
A business in which any two or more persons are combining their assets and skills.
A form of business created by the agreement of two or more individuals. See also general partnership and limited partnership.
a business organization with two or more members agreeing to do business together.
A partnership is owned by two or more people, who are personally liable for all business debts and obligations. A general partnership can come into existence without the need to file any formal papers with any state official.
At its simplest level, a partnership is the conduct by two or more persons of a business for profit. Since partnerships are consensual relationships and do not require the filing of a charter to be created, they can be implied by law or be deemed to exist by the conduct of the parties, which is often not understood or appreciated. A highly flexible form of business organization, it enables the partners to arrange the financial, management, and governance affairs of the entity as they choose (within certain limits). General partnerships have unlimited liability while various forms of limited liability partnerships now offer the benefit of limited liability.
A merger of two or more individuals, based on an agreement to combine their labor and resources in a business enterprise and to share profits and losses accordingly.
Where two or more people are in a business partnership. Each partner contributes something to the business and, in return, receives a share of any profit or loss.
Two or more people associated for the purpose of carrying on business activities.
An association of two or more persons formed to conduct business for mutual profit. See "limited partnership."
A legitimate business association, consisting of two or more persons, who share responsibility, resources, income and liabilities. Partnership is based on mutual trust and friendship, but a written agreement on that is still necessary.
A business form in which two or more individuals carry on a continuing business for profit. A partnership is legally regarded as a group of individuals rather than as a single entity, and each of the partners file their share of the profits on their individual tax returns.
a relationship formed when two or more organizations or individuals recognize that working together towards a common goal makes more sense than working independently.
An unincorporated business formed and operated by two or more owners who agree to conduct a business for profit. The partners may or may not have employees.
In Euchre, players play in teams of two called a partnership. The two players of each partnership are partners and always sit opposite each other. Each partnership has its own score, and therefore they share the same interest of getting more points.
A partnership is a business where two or more individuals associate together to conduct a business with a view to profit. Usually a partnership cannot have more than 20 members, and all partners are jointly and severally liable to contracts and debts of business. It is not required to be registered with the registrar of companies.
Shared ownership of a firm (not a corporation) among two or more individuals.
A business entity "owned" by individuals called partners, although no shares of stock are actually issued. Any income from the business passes through to the individual partners.
An ownership entity in which two or more partners are involved where personal taxes are levied on the partners' individual share of income from the partnership, whether recieved or not, but there is no taxation at the partnership, whether received or not, level. A partnership can be either a Limited Partnership or a General Partnership.
A legal relationship created by the voluntary association of two or more persons to carry on as co-owners of a business for profit; a type of business organization in which two or more persons agree on the amount of their contributions (capital and effort) and on the distribution of profits, if any.
An association of two or more people who are co-owners of a business for profit.
A contract between two or more persons (maximum 20) to carry on business in common. A partnership is not a legal entity as such, and terminates if one partner retires or dies. Partners are personally liable for partnership debts.
A union of two or more individuals or legal entities to form a for profit venture.
a contract or agreement entered into by two or more individuals, groups of individuals, organizations or agencies in which each agrees to furnish a part of the capital or some in-kind service, i.e., labor, for a mutually beneficial enterprise.
This is the relationship between persons carrying on a business in common with a view to profit. Unlike a company, a partnership is not a separate legal entity. Partners in a partnership therefore have unlimited personal liability as between themselves and third parties.
A clearly defined artistic, financial, or administrative relationship. Partners share responsibility and often share risk. A partnership lasts whatever length of time suits the partners and their undertaking.
A partnership consists of two or more individuals or entities who agree to contribute money, labor, property, or skill to a business and share in its profits, losses, and management.
A form of legal entity created by statute wherein two or more parties conduct business as co-owners.
a business organisation in which two or more individuals manage and operate a business. All owners are personally liable for the debts from the business.
A business owned by two or more persons that is not a corporation (Company). An association of two or more people formed for the purpose of carrying on a business. Unlike an incorporated company, a partnership does not have a legal personality of its own therefore partners are liable for the debts of the firm. General partners only to the extent of their investment. A limited partnership is one consisting of both general and limited partners. A partnership-at-will is one for which no fixed term has been agreed. Any partner may end the partnership at any time provided that notice is given of the intention to do so to all other partners. Nominal partners are those who allow their names to be used for the benefit of the partnership, usually for a reward but not for a share of the profits. They are not legal partners. Partnerships are usually governed by a partnership agreement.
Customized business relationship that produces results for all parties that are more acceptable than would be achieved individually.
an association of two or more persons who engage in a business for profit. A partnership is created by an agreement, which does not have to be in writing. However, for the partnership to hold title in a partnership name, the partnership agreement must be signed, acknowledged and recorded. Tenancy in partnership allows any number of partners to have equal or unequal interest in property in relation to their interests in the partnership. Profits and liabilities are passed through to the members. In a limited partnership, each limited partner's liability is limited to the amount of his or her investment. A limited partner only contributes money and is not actively involved in the business. A limited partnership must have one general partner, who is personally liable for all debts. Partnership entities can complete exchanges. Partnership interests are not exchangeable. Difficulties sometimes occur in Section 1031 Exchanges when some partners want to enter into an exchange while others want to sell.
Way in which unmarried individuals can take title to a San Jose home. Can include domestic partners or business partners. It's recommended that a real estate lawyer first draw up a written partnership agreement before the purchase.
The relationship of good faith, mutual respect and understanding and shared decision-making between the Crown and Maori.
is when one or more organisations work together to achieve a shared and clear set of objectives. There is a clear understanding of the contribution of each organisation, which takes into account their differences, and there is equal respect for the role and experience of all partners. A successful partnership depends on the sharing of information and decision-making.
A business entity that allows two or more people to strengthen their effectiveness by working together as co-owners.
A business that is unincorporated and organized by two or more individuals.
The partners agree to a proportional share of profits and losses and thus have the same tax treatment.
A form of business enterprise where two or more persons join together without forming a corporation. The partners are capable of binding each other to contracts, are liable for each other's actions.
An association of two or more parties who pool their money and talent to conduct a business.
An unincorporated business owned and operated by two or more persons, who may have general or limited liability according to the agreement of the partnership.
A business association of two or more owners who share in the profits and losses of the business. Partners are jointly and severally liable for the debts of the enterprise.
A restaurant owned by two or more individuals who share responsibility for the operation, activities, and liabilities of the business.
A voluntary association of two or more persons to carry on as co-owners of a business for profit. May be either a general partnership or a limited partnership.
A contractual relationship based on a written, oral or implied agreement between two or more persons. Unlike a corporation, a partnership does not stand on its own as a separate legal entity. Rather, a partnership acts as a legal vehicle binding two or more persons together in a business.
A contract of two or more persons to unite their property, labor and/or skill in the conduct of some joint lawful business and to share the profits in certain proportions.
A joint undertaking by two or more persons to conduct an ongoing business for profit.
A voluntary contract between two or more competent persons to place their money, effects, labor and skill, or some or all of them, in lawful commerce or business with the understanding that there shall be a proportional sharing of the profits and losses.
A voluntary association between two or more competent persons engaged in a business as co-owners for profit.
Two or more organisations which agree to work together to a common purpose.
A form of a business organization under which two or more persons associate as principals and contribute their property, skill and labor to carry forward some trade or business and to share in the profits, controls and risks. The acts of the partners fully bind the firm. Each general partner is liable for the debts of the partnership and his personal assets may be used to satisfy the debt.
A partnership is an unincorporated business that has more than one owner. It is different from a sole proprietorship in that a sole proprietorship can have only one owner.
A type of business organization that is not registered with the State.
A partnership is a way for unmarried people to take title of a property. Partnerships most often occur among people who have a business relationship and who buy the property as either a business asset or for investment purposes. If you intend to buy property with partners, have a real estate lawyer prepare a written partnership agreement for all the partners to sign before making an offer to purchase.
a business owned by two or more people (partners) who assume all risk and receive all profit. Partners bring additional capital to a business. Law and accounting firms are frequently partnerships.
when two or more people wish to undertake a business together they have the option of doing so by agreement rather than forming a limited company. That undertaking is known as a partnership. While it is advisable for the parties to draw up a partnership agreements setting out their respective rights and obligations, they do not need to do so and many partnerships are simply verbal or informal agreements. The partners agree as to the extent to which each will input into the business in terms of capital and work, as well as the extent to which they will take profits from the business as and when they arise. Partners owe to each other a responsibility of good faith. So far as the outside world is concerned all partners are jointly and severally liable for the debts of the partnership, whether or not they were concerned in incurring them.
An association of two or more persons as Co-Owners to carry on a business for profit.
A business formed by two or more persons *Perpetual existence Continuance of the business after a partner or owner dies. *Personal property Any type of property other than land and the structures attached to it. *Piercing he corporate veil When a court ignores the structure of a corporation and holds its owners responsible for its debts or liabilities. *Professional association (PA) An entity recognized as a legal "person" that is set up to conduct a business of professionals such as attorneys or doctors. *Professional service corporation (PC) Same as Professional association. *Promoters Persons who start a business venture and usually offer interests for sale to investors *Proprietorship A business that is owned by one person.
A partnership is a relationship that exists between persons carrying on a business in common with a view to profit. An act done or practice engaged in by a partner is taken to have been done or engaged in by the organisation. Any communication made to any partner is taken to have been made to the organisation. Personal information can be collected by a new partnership from an old partnership and disclosed from the old partnership to the new partnership without interfering with the privacy of an individual provided certain criteria under the legislation are met. However, the new partnership must comply with the NPPs in relation to use and holding of personal information. This exemption avoids a problem arising as new partners are admitted or partners leave.
A for-profit organization in which two or more persons (partners) furnished a part of the capital and labor. They share agreed proportion of profit and losses. A typical partnership does not create a legal entity separate from the partners, and is tax transparent. On the other hand, the partners' liability is not limited and may extend to their personal property.
An association of persons joined by contract to combine their property, labor and skills to provide for the sharing of profits and losses in a proportionate manner. The profits and losses are passed to the partners who report them on their individual income tax returns. The partnership itself pays no taxes.
An association of two or more persons to carry on, as co-owners, a business for profit. Also see “Business,” “Corporation,” ‘Limited liability company,” “Limited partnership,” “Profit,” “Sole proprietorship,” and ‘Subchapter S corporation.
A non-taxable entity in which each partner shares in the profits, losses, and liabilities of the partnership. Each partner is responsible for the taxes on its share of profits and losses. See Limited Partnership.
A legally binding business association of two or more people. Each partner is usually equally liable for all of the partnership's debts.
Enbridge Energy Partners, L.P., a Delaware limited partnership.
two or more persons or organisations joining together to carry on a business.
two or more individuals engaged in business together.
Organisations working within a structured framework to develop a relationship that exhibits full mutual support for the identity and all aspects of the work, as well as the well-being of each organisation.
A business entity of two or more people who share the responsibilities, profits and liabilities of that entity.
A business run by two or more people (up to 20) who share all profits and losses.
Unlike a private limited business entity, a partnership business is one owned by two or more persons voluntarily associated as partners.
A type of business entity in which partners share with each other the profits or losses of the business undertaking in which they have all invested. There are two types of partners. General partners have an obligation of strict liability to third parties injured by the Partnership. General partners may have joint liability or joint and several liability depending upon circumstances. The liability of limited partners is limited to their investment in the partnership.
An alliance of two or more persons or entities joining to carry on a business as co-owners for profit. The partnership is a pass-through entity.
A business owned by two or more persons that is not organized as a corporation. A partnership is defined as a "relationship that subsists between persons carrying on business in common with a view to profit."
The temporary association of one Applicant and - at least - two Partners created for submitting together a Proposal to the EC.
An unincorporated business with two or more owners.
Two or more persons or entities joined together to form a business organization.
Shared ownership among two or more individuals, some of whom may, but do not necessarily, have limited liability. See: general partnership, limited partnership, and master limited partnership.
a business association of two or more people. Two types of partnerships are general and limited.
The relationship which subsists between persons carrying on a business in common with a view of profit. No written agreement or deed between the partners is legally necessary, though it often exists. All that is necessary is a written, verbal, or implied agreement between the partners. Every partner of a firm is generally liable to the full extent of his private means for the debts and obligations of the partnership. (See also 'Limited Partnership').
An agreement between 2 or more entities to go into business or invest. Either partner may bind the other, within the scope of the partnership. Each partner is liable for all the partnership's debts. A partnership normally pays no taxes, but merely files an information return. The individual partners pay personal income tax on their share of income.
An unincorporated business, which is owned by two or more persons. The entity itself is not taxable as the burden of tax obligation trickles down to the individual partners.
A business arrangement in which two or more persons jointly own a business and share in its profits and losses.
A business organization formed when two or more persons or entities come together to operate a business for profit and partnerships do not enjoy limited liability except in the case of limited partnerships.
An association of two or more individuals or organizations to carry on economic activity.
Legal relationship of two or more individuals to run a company.
When two or more people go into business together and share all liability, assets and profits.
A business, which is not a limited company, where two or more people agree to share in the profits and losses of that venture.
A voluntary association of two or more persons for the purpose of conducting business for a profit.
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.
A contract between two or more people in a joint business venture who agree to pool their funds and/or talents and share in the profits and losses of the enterprise. General partners are those who are responsible for the day-to-day management of activities, whose individual acts, are binding on all the partners, and who are personally responsible for the partnership's total liabilities. Limited partners are those who contribute only money and are not involved in management decisions and whose liability is limited to the amount of their investment.
a legal relationship between two or more individuals to conduct a specifically defined business.
One of the three basic forms of business organization (the other two being corporation and proprietorship). A partnership is a business which is owned and operated by two or more people. The owners and the business are legally considered one and the same. As such, each owner has unlimited liability, which means that an owner is held personally responsible for any and all of the business's debts, including those made by any of the partners.
Same as a sole proprietorship, except there is more than one person involved. The owners are personally liable for the company and its debt, income is distributed equally and is added on each owner's personal tax returns.
An ongoing relationship between two organisations which involves a commitment over an extended time period and a mutual sharing of the risks and rewards of the relationship.
"An association of two or more persons to carry on as co-owners a business for profit," as defined in the Uniform Partnership Act, which is in force in a majority of the states.
A contractual association between two or more individuals who share in the management, as well as the profitability of a business venture. If the agreement specifically contracts for only an investment obligation, the investor is a limited partner. If responsibilities include management or supervision of operations, the holder of that responsibility is a general partner. Partnerships employ general partners, while limited partners associate through securities transactions.
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; coming together to operate a business for profit. Partnerships do not enjoy limited liability, except in the case of limited partnerships.
The legal relationship of persons carrying on business together with a view to profit.
Legal form of business where two or more individuals share resources and operations in a jointly run business.
A business enterprise owned and operated by two or more persons for the purpose of generating business income and profits.
An agreement of two or more persons to unite their property or skills and share the profits or losses.
the period of batting in which two specific batsmen are batting, from the time the previous batsman was out until one of the specific two is out. the number of runs scored during a partnership(1).
A nontaxable entity in which each partner shares in the profits, losses, and liabili- ties of the partnership. See also: Limited Partnership.
A partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which all have invested.
In the sport of cricket, two batsmen bat in partnership, although only one is on strike at any time. The partnership between two batsmen will come to an end when one of them is dismissed or retires, or the innings comes to a close (usually due to victory being achieved, a declaration, a time or over limit being reached, or the match being abandoned in mid-innings for inclement weather or, exceptionally, dangerous playing conditions). Various statistics may be used to describe a partnership, most notably the number of runs scored during it (either by the batsmen or as extras), the duration of the partnership both in time (usually quoted in minutes) and number of deliveries (balls) faced.
To dream of forming a partnership with a man, denotes uncertain and fluctuating money affairs. If your partner be a woman, you will engage in some enterprise which you will endeavor to keep hidden from friends. To dissolve an unpleasant partnership, denotes that things will arrange themselves agreeable to your desires but if the partnership was pleasant, there will be disquieting news and disagreeable turns in your affairs.
Close cooperation between parties having specified and joint rights and responsibilities.
a relationship that exists between parties having specified and joint rights and responsibilities.
1) see pair 2) A pair who play together for an extended period.
A group that brings together different people and bodies with a commitment to manage the implementation of a scheme or initiative eg New Deal for Communities or SureStart. It may be made up of many interests eg members of the local community, Council, voluntary sector and agencies such as the Police or Health Service.
One or more people/services/organisations working co-operatively together for the benefit of service users. Can also mean professional(s) keeping service users fully informed in work with them.
A special type of friendship experienced by people who are romantically attracted to each other that emphasizes a commitment to work together and to treat each other as equals.
When all those involved in pupils' learning work together to support them. For example, schools and parents often work in partnership, and, in some cases, social work and psychological services may also contribute to this partnership to help individual pupils make the kind of progress expected.
Normally used in relation to a formal partnership body, often accountable to a board that may be responsible for delivering a government-funding programme. Can be used to describe an approach to working together. Find out more in Partnership Working.
The coalition, committee, consortium, or task force that spearheads the comprehensive cancer approach, as well as other supporters of the process.
The Malta Labour Party is proposing a special agreement, or "partnership" between Malta and the European Union instead of full membership. This agreement would cover major fields such as trade, taxation, defence, culture and education.
The connection made with ActiveSync to your desktop. The Partnership is stored on both the desktop and PC Companion.
alliances between individuals and/or groups.
In an investment committee, a collegial organization in which each Partner has the same decision-making powers.
An association intended to achieve a common aim.
In vocational education and training, an association between a non-registered organisation and a registered training organisation to achieve recognised training.
An association of at least 2 people.
A practice consisting of more than one principal GP. A partnership may also have assistants and/or trainees.
Legal form of ownership where the percentage of ownership is stated and not necessarily equal.
Equal involvement of different people and/or agencies.
A true expression of heartful interactions. Partners give and receive equally with each other. Partners help each other access the excellence within themselves.
Self Help carries out it's project work in partnership – with it's beneficiary communities, and with the government ministries in the regions where it is working.
A legal entity--a "thing" that the law recognizes as having an existence independent of its human partners. Partnerships can own property, like stocks and mutual funds, and can open and maintain accounts with banks and brokerage firms.