The Collaborative International Dictionary
Partnership \Part"ner*ship\, n.
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.
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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. 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.
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(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.
(Arith.) See Fellowship, n.,
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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.
Wiktionary
n. (context legal English) A form of partnership similar to a general partnership, except that in addition to one or more general partners and one or more limited partners.
Wikipedia
A limited partnership (LP) is a form of partnership similar to a general partnership, except that where a general partnership must have at least two general partners (GPs), a limited partnership must have at least one GP and at least one limited partner.
The GPs are, in all major respects, in the same legal position as partners in a conventional firm, i.e., they have management control, share the right to use partnership property, share the profits of the firm in predefined proportions, and have joint and several liability for the debts of the partnership.
As in a general partnership, the GPs have actual authority, as agents of the firm, to bind the partnership in contracts with third parties that are in the ordinary course of the partnership's business. As with a general partnership, "an act of a general partner which is not apparently for carrying on in the ordinary course the limited partnership's activities or activities of the kind carried on by the limited partnership binds the limited partnership only if the act was actually authorized by all the other partners."
Limited Partnership is a 2014 American documentary film directed by Thomas G. Miller. Through archival footage and modern interviews, it covers a 40-year marriage between two gay rights activists in the US. It premiered at the 2014 Los Angeles Film Festival and aired on Independent Lens, a PBS program, in June 2015.
Usage examples of "limited partnership".
He wants to set up another limited partnership to purchase another fleet of tankers, this one from the family of some dead Chink in Hong Kong.
Free access to all the other worlds I control-a limited partnership-and last, my help in realizing your, dreams, shall we say.
Notice is hereby given, that a limited partnership hath been entered into by Lambert Morange, D.
Tom set up some kind of a limited partnership to invest in raw land.
The Herbert Limited Partnership, including Jan Herbert, Ron Merritt, David Merritt, Byron Merritt, Julie Herbert, Robert Merritt, Kimberly Herbert, Margaux Herbert, and Theresa Shackelford, gave us their enthusiastic support, entrusting us with the care of Frank Herbert's magnificent vision.
A limited partnership, between you and I, to achieve certain specific goals.
The Herbert Limited Partnership, including Penny and Ron Merritt, David Merritt, Byron Merritt, Julie Herbert, Robert Merritt, Kimberly Herbert, Margaux Herbert, and Theresa Shackelford gave us their enthusiastic support, entrusting us with the care of Frank Herbert's vision.
The Herbert Limited Partnership, including David Merritt, Byron Merritt, Julie Herbert, Robert Merritt, Kimberly Herbert, Margaux Herbert, and Theresa Shackelford.