— business partnership : trading partnership With this entry — relatives minimal partnership : a limited partnership in which the associates are associates of the spouse and children — spouse and children partnership : a partnership by which the partners are customers of the family — standard partnership : a partnership wherein Just about every lover is chargeable for all partnership debts and obligations in whole whatever the volume of the individual lover's capital contribution

These examples are from corpora and from sources online. Any opinions during the examples usually do not characterize the opinion of the Cambridge Dictionary editors or of Cambridge College Push or its licensors.

Partnerships in many cases are governed with the legislation from the point out during which the partnership has its principal place of small business.

The type of partnership you select will likely effects Every spouse’s personal legal responsibility, which may affect how partners are compensated. Such as, general associates have unrestricted legal responsibility, Therefore the business owners could choose that their exposure deserves further compensation.

In the case of a normal partnership without any partnership settlement, income and losses are divided equally Amongst the companions. But other kinds of partnerships, which include constrained partnerships, usually demand a partnership agreement.

In the restricted liability partnership (LLP), all partners are answerable for their perform but have limited liability for the broader enterprise. Just a spouse’s contributions into the partnership are matter to lawful statements—not their personalized assets.

To get started on, an LLP have to sign up the minimal legal responsibility partnership’s name and the quantity of partners Along with the neighborhood authorities. To dissolve, an LLP generally files a document, sometimes identified as a “Assertion of Dissolution” or “Statement of Cancellation.”  

A partnership is just not a independent tax entity from its homeowners. Instead, the IRS categorizes a partnership being a "pass-by way of entity." A go-via entity signifies that the partnership by itself doesn't shell out any profits taxes on revenue.

[ C ] (in cricket) the two batters from a single team who will be on on the sector with each other and choose turns to strike the ball and try to attain runs (= points) versus the opposite team; the timeframe that both of these players are on the sector, or the number of runs that they score with each other :

All partnership noun, at husband or wife co-partnership civil partnership typical partnership joint partnership limited partnership private partnership See all meanings Word in the Day

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Can't be a party to any authorized claims produced by the partnership or any claims designed in opposition to the partnership and its standard companion(s).

Draft a buyout arrangement. You'll want to possess a program for what will come about when a single husband or wife retires, dies, becomes disabled, or leaves the partnership to pursue other interests.

There is certainly no less than a person typical partner with limitless legal liability. The general spouse manages and controls the small business.