A partnership does not protect your personal assets in the event that your business is sued. You can learn more aboutchoosing the right business structureandforming an LLCby visiting our free guides. Partnership Meaning | Partnership Definition What is a partnership?Apartnershipis an informal busines...
partnership meaning, definition, what is partnership: the state of being a partner in business...: Learn more.
In a partnership,two or more individuals will sharethe profits and pay income taxes on those profits. A partner's share in a partnership is not necessarily based on the amount each partner has invested in the business, so an owner's share of the business's equity may not be the same as...
: a legal relation existing between two or more persons contractually associated as joint principals in a business began a legal partnership with his uncle b : the persons joined together in a partnership the partnership computes its net income … in a manner similar to that of an indivi...
an association of persons joined as partners in business. Discover More Other Words From pre·part ner·ship noun Discover More Word History and Origins Origin ofpartnership1 First recorded in 1570–80;partner+-ship Discover More Example Sentences ...
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Partnerships are like sole proprietorships in that no legal entity must be established. A partnership is established as soon as two or more people agree to go into business together. This is considered a general partnership because all the partners run the operations of the business share the ri...
On this page, you'll find the legal definition and meaning ofPartnership, written in plain English, along with examples of how it is used. What is Partnership? It is referred to the assiciation of two or more persons, also known as partners, with common interest to perform a business wit...
Under an aggregate theory, partners are co-owners of the business; the partnership is not a distinct legal entity. This led to the creation of a new property interest known as a "tenancy in partnership," a legal construct by which each partner co-owned partnership property. An aggregate ...
profits may be shared in different percentages or some partners may havelimited liability. Partnerships may also have a "silent partner," in which one party is not involved in the day-to-day operations of the business.