partnership definition

partnership

Type of business organization in which two or more individuals pool money, skills, and other resources, and share profit and loss in accordance with terms of the partnership agreement. In absence of such agreement, a partnership is assumed to exit where the participants in an enterprise agree to proportionately share the associated risks and rewards.

partnership is in the Corporate, Commercial, & General Law and Entrepreneurship, Management, & Leadership subjects.

partnership appears in the definitions of the following terms: nominal partner, legal entity, limited liability partnership (LLP), limited partnership, limited liability limited partnership (LLLP), personal income tax, income tax, drawings, partner, undivided interest and

partnership appears in the other terms: public private partnership, agreement of partnership, partnership capital account, partnership agreement, customer-supplier partnership, master limited partnership, tenancy in partnership, general partnership, partnership limited by shares, presumption of partnership and

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