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.
&fist; Community of profit is absolutely essential to, though not necessary 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. société en commandité) 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.
Hear it pronounced