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Term of the Day: Partnership
: an association of two or more persons or entities that conduct a business for profit as co-owners see also Uniform Partnership Act in the Important Laws section compare corporation, joint venture, sole proprietorship NOTE: Except in civil law as practiced in Louisiana, where a partnership, like a corporation, is considered a legal person, a partnership is traditionally viewed as an association of individuals rather than as an entity with a separate and independent existence. A partnership cannot exist beyond the lives of the partners. The partners are taxed as individuals and are personally liable for torts and contractual obligations. Each partner is viewed as the other's agent and, traditionally, is jointly and severally liable for the tortious acts of any one of the partners.
: trading partnership in this entry
: a partnership in which the partners are members of a family
: a partnership in which each partner is liable for all partnership debts and obligations in full regardless of the amount of the individual partner's capital contribution compare limited partnership in this entry
limited liability partnership
: a partnership formed under applicable state statute in which the partnership is liable as an entity for debts and obligations and the partners are not liable personally
: a partnership in which the business is managed by one or more general partners and is provided with capital by limited partners who do not participate in management but who share in profits and whose individual liability is limited to the amount of their respective capital contributions compare general partnership in this entry
master limited partnership
: a limited partnership that offers interests for sale on the market
: the interests themselves sold as securities
: a partnership in which two or more persons jointly own a mining claim and actually engage in extracting minerals with the purpose of sharing profits and losses
: a partnership that is not engaged in the buying and selling of goods called also non-commercial partnership compare trading partnership in this entry
partnership at will
: a partnership whose duration is not fixed by contract and that is terminable at will by any partner
partnership by estoppel
: a partnership created by operation of law when a defendant by words or conduct represents himself or herself to the plaintiff or to the public as a partner and the plaintiff relies on the representation to his or her detriment
partnership in commendam
in the civil law of Louisiana
: limited partnership in this entry
: a partnership whose business involves the buying and selling of goods called also commercial partnership compare nontrading partnership in this entry
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.