Partnership
Partnership
Partnership (/ˈpɑːrtnərʃɪp/) is a type of business entity in which partners (owners) share with each other the profits or losses of the business undertaking in which all have invested.
Etymology
The term "partnership" originates from the Old French partenarie, meaning "joint ownership".
Definition
In a partnership, each partner contributes to all aspects of the business, including money, property, labor or skill. In return, each partner shares in the profits and losses of the business.
Types of Partnership
There are three main types of partnerships: general partnerships, limited partnerships, and limited liability partnerships.
- General Partnership - A general partnership is a partnership in which all partners manage the business and are personally liable for its debts.
- Limited Partnership - A limited partnership is a partnership formed by two or more persons, under the laws of a state, having one or more general partners and one or more limited partners.
- Limited Liability Partnership - A limited liability partnership is a partnership in which some or all partners have limited liabilities.
Related Terms
- Joint Venture - A joint venture is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance.
- Corporation - A corporation is a company or group of people authorized to act as a single entity and recognized as such in law.
- Sole Proprietorship - A sole proprietorship, also known as a trader firm or proprietorship, is a type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity.
External links
- Medical encyclopedia article on Partnership
- Wikipedia's article - Partnership
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