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partnership
(redirected from Partnerships)

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partnership

Two or more persons carrying on a common business for shared profit. The business can be of any kind – for instance, solicitors, shop owners, or window cleaners. A partnership differs from a limited company in that the individuals remain separate in identity and are not protected by limited liability, so that each partner is personally responsible for any debts of the partnership.

In a limited partnership, a general partner or partners with a limited liability manage the enterprise, while limited partners have no management rights and their liability is limited to their investment.
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