What is "partnership"

Partnership \Part"ner*ship\, n.

1. The state or condition of being a partner; as, to be in partnership with another; to have partnership in the fortunes of a family or a state.

2. A division or sharing among partners; joint possession or interest.

   Rome, that ne'er knew three lordly heads before, First fell by fatal partnership of power.
   --Rowe.

   He does possession keep, And is too wise to hazard partnership.
   --Dryden.

3. An alliance or association of persons for the prosecution of an undertaking or a business on joint account; a company; a firm; a house; as, to form a partnership.

4. (Law) A contract between two or more competent persons for joining together their money, goods, labor, and skill, or any or all of them, under an understanding that there shall be a communion of profit between them, and for the purpose of carrying on a legal trade, business, or adventure.
   --Kent.
   --Story.

   Note: Community of profit is absolutely essential to, though not necessarily the test of, a partnership.

5. (Arith.) See Fellowship, n.,

6. Limited partnership, a form of partnership in which the firm consists of one or more general partners, jointly and severally responsible as ordinary partners, and one or more special partners, who are not liable for the debts of the partnership beyond the amount of cash they contribute as capital.

   Partnership in commendam, the title given to the limited partnership (F. soci['e]t['e] en commandit['e]) of the French law, introduced into the code of Louisiana.
   --Burrill.

   Silent partnership, the relation of partnership sustained by a person who furnishes capital only.

1570s, from partner (n.) + -ship. In the commercial sense from c.1700.

n. 1 The state of being associated with a partner. 2 An association of two or more people to conduct a business, 3 (context cricket English) The period when two specific batsmen are batting, from the fall of one wicket until the fall of the next; the number of runs scored during this period,

1. n. the members of a business venture created by contract

2. a contract between two or more persons who agree to pool talent and money and share profits or losses

In the sport of cricket, two batsmen always bat in partnership, although only one is on strike at any time. The partnership between two batsmen will come to an end when one of them is dismissed or retires, or the innings comes to a close (usually due to victory being achieved, a declaration, a time or over limit being reached, or the match being abandoned in mid-innings for inclement weather or, exceptionally, dangerous playing conditions). Various statistics may be used to describe a partnership, most notably the number of runs scored during it (either by the batsmen or as extras), the duration of the partnership both in time (usually quoted in minutes) and number of deliveries (balls) faced. Partnerships are often described as being for a particular wicket (for example, a "third wicket partnership", also called a "third wicket stand"—in this context, the "opening partnership" between the two opening batsmen is the "first wicket partnership"). This has the anomalous result that a partnership may be between more than two batsmen, if one of the original batsmen retires hurt but not out, since the particular numbered wicket will not have fallen yet.

A partnership in Hong Kong is a business entity formed by the Partnerships Ordinance, which defines a partnership as "the relation between persons carrying on a business in common with a view of profit" and is not a joint stock company or an incorporated company. If the business entity registers with the Registrar of Companies it takes the form of a limited partnership defined in the Limited Partnerships Ordinance. However, if this business entity fails to register with the Registrar of Companies, then it becomes a general partnership as a default.

A partnership in the People's Republic of China is a business entity governed by the Partnership Enterprise Law passed by order of the President of the People's Republic of China to authorize and govern partnership enterprises. A partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which all have invested.

A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations may partner together to increase the likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or may be only governed by a contract. Partnership agreements can be formed in the following areas:

• Business: two or more companies join forces in a joint venture or a consortium to i) work on a project (e.g. industrial or research project) which would be too heavy or too risky for a single entity, ii) join forces to have a stronger position on the market, iii) comply with specific regulation (e.g. in some emerging countries, foreigners can only invest in the form of partnerships with local entrepreneurs). In this case, the alliance may be structured in a process comparable to a Mergers & Acquisitions transaction.
• Politics (or geopolitics): In what is usually called an alliance, governments may partner to achieve their national interests, sometimes against allied governments holding contrary interests, as occurred during World War II and the Cold War.
• Knowledge: In education, accrediting agencies increasingly evaluate schools, or universities, by the level and quality of their partnerships with local or international peers and a variety of other entities across societal sectors.
• Individual: Some partnerships occur at personal levels, such as when two or more individuals agree to domicile together, while other partnerships are not only personal, but private, known only to the involved parties.

Partnerships present the involved parties with complex negotiation and special challenges that must be navigated unto agreement. Overarching goals, levels of give-and-take, areas of responsibility, lines of authority and succession, how success is evaluated and distributed, and often a variety of other factors must all be negotiated. Once agreement is reached, the partnership is typically enforceable by civil law, especially if well documented. Partners who wish to make their agreement affirmatively explicit and enforceable typically draw up Articles of Partnership. Trust and pragmatism are also essential as it cannot be expected that everything can be written in the initial partnership agreement, therefore quality governance and clear communication are critical success factors in the long run. It is common for information about formally partnered entities to be made public, such as through a press release, a newspaper ad, or public records laws.

While industrial partnerships stand to amplify mutual interests and accelerate success, some are collaboration may be considered ethically problematic. When a politician, for example, partners with a corporation to advance the latter's interest in exchange for some benefit, a conflict of interest results; consequentially, the public good may suffer. While technically legal in some jurisdictions, such practice is broadly viewed negatively or as corruption.

Governmentally recognized partnerships may enjoy special benefits in tax policies. Among developed countries, for example, business partnerships are often favored over corporations in taxation policy, since dividend taxes only occur on profit before they are distributed to the partners. However, depending on the partnership structure and the jurisdiction in which it operates, owners of a partnership may be exposed to greater personal liability than they would as shareholders of a corporation. In such countries, partnerships are often regulated via anti-trust laws, so as to inhibit monopolistic practices and foster free market competition. Enforcement of the laws, however, varies considerably. Domestic partnerships recognized by governments typically enjoy tax benefits, as well.

In Australia, each state has enacted legislation regarding partnerships.

Jurisdiction

Relevant Act

ACT

Partnership Act 1963

NSW

Partnership Act 1892

NT

Partnership Act 1997

Qld

Partnership Act 1891

SA

Partnership Act 1891

Tas

Partnership Act 1891

Vic

Partnership Act 1958

WA

Partnership Act 1895

The definition of a partnership does not vary across jurisdictions, with each definition encompassing the following criteria in determining the existence of a partnership:

• Valid Agreement between the parties;
• To carry on a business - as opposed to a single or isolated transaction, which suggests a Joint venture.;
• In Common - meaning there must be some mutuality of rights, agency, interests and obligations;
• View to Profit - partnerships must form with a view to profit. Other business structures such as charities and sporting clubs do not seek to share profits and liabilities, and are thus treated differently under each state jurisdiction's respective Associations Incorporation Act.

Partnership, is a historic building constructed in Fulton, Maryland, in Howard County, although the land was part of Anne Arundel County at the time of the construction. The building was formerly one of the oldest in Howard County until its relocation in 1963 to Phoenix, Maryland in Baltimore County.

Partnership is a three-bay wide brick construction house with a gambrel roof. The bricks were created on-site, some with animal footprints imbedded.

In 1719, the land named Partnership was patented by Thomas Worthington (c. 1890–1753). A brick home was constructed on-site at what was a slave tobacco plantation. Worthington's daughter Katherine (1720–1788) took the property as part of a dowry to her marriage with Captain Nicholas Gassaway. Captain Gassaway (c. 1719–1755) resided on the property and estate in 1775 when he willed it to his son Brice John Gassaway (1755–1806). The house was bought by James Cox, then sold to Hamilton Moore in 1851. The house is best known as the Moore house, with Moore's granddaughter, Mrs. George Skaggs, owning it until 1960. The 700-acre farm was part of "Hell's Corner", with the southern boundary forming Scaggsville Road, and the post stop of Scaggsville, Maryland. The property was purchased by the Khrum family. In 1963, the property was purchased at the same time as large tracts of farmland were being assembled for the creation of The Rouse Company development Columbia. P.T. McHenry, the developer of Mooresfield single family homes sold the home to William W. Cooper for its relocation to Phoenix, Maryland, after the outbuildings were demolished.

The building was featured in the 1969 film adaptation of Helen Jean Burn's Nightmare's Child on Maryland Public Television.