partnership

  

Definition

A 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 share the associated risks and rewards proportionately .

Use partnership in a sentence

  • There had been some rough spots along the way but all in all, the entrepreneurs enjoyed their business partnership and looked forward to many more successful years together.

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  • The partnership between the two men was going along smoothly they had just pooled the money between the two of them and paid the deposit for the building that would house their second store.

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  • It was only logical for George and Nate to develop a partnership in their laundry business because both were passionate about the laundry industry and only had enough money to launch their business when they pooled each of theirs together.

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