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partnershipmore about partnership

partnership


  2  definitions  found 
 
  From  Webster's  Revised  Unabridged  Dictionary  (1913)  [web1913]: 
 
  Partnership  \Part"ner*ship\,  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.  --Rowe. 
 
  He  does  possession  keep  And  is  too  wise  to  hazard 
  partnership.  --Dryden. 
 
  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.  --Kent.  Story. 
 
  Note:  Community  of  profit  is  absolutely  essential  to  though 
  not  necessary  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.  soci['e]t['e]  en  commandit['e])  of  the 
  French  law,  introduced  into  the  code  of  Louisiana. 
  --Burrill. 
 
  {Silent  partnership},  the  relation  of  partnership  sustained 
  by  a  person  who  furnishes  capital  only. 
 
  From  WordNet  r  1.6  [wn]: 
 
  partnership 
  n  1:  the  members  of  a  business  venture  created  by  contract 
  2:  a  contract  between  two  or  more  persons  who  agree  to  pool 
  talent  and  money  and  share  profits  or  losses 




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