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partnership

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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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A distant part of the estate, a tract of waste land that had lain fallow for eight years, was with the help of the clever carpenter, Fyodor Ryezunov, taken by six families of peasants on new conditions of partnership, and the peasant Shuraev took the management of all the vegetable gardens on the same terms.
Anna Karenina by Tolstoy, Leo View in context
THE ASS and the Fox, having entered into partnership together for their mutual protection, went out into the forest to hunt.
Fables by Aesop View in context
The Highwayman was so pleased with the Traveller's philosophy and wit that he took him into partnership, and this splendid combination of talent started a newspaper.
Fantastic-Fables by Bierce, Ambrose View in context
 
 
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