partnership
Definition 1
A type of unincorporated business organization in which multiple individuals, called general partners, manage the business and are equally liable for its debts; other individuals called limited partners may invest but not be directly involved in management and are liable only to the extent of their investments. Unlike a Limited Liability Company or a corporation, in a partnership each partner shares equal responsibility for the company's profits and losses, and its debts and liabilities. The partnership itself does not pay income taxes, but each partner has to report their share of business profits or losses on their individual tax return. Estimated tax payments are also necessary for each of the partners for the year in progress. Partnerships must file a return on Form 1065 showing income and deductions. Estimated tax payments are also required if they expect their income to be greater than $1,000.
Definition 2
More generally, a relationship of two or more entities conducting business for mutual benefit.
This content can be found on the following page:
http://www.investorwords.com/3609/partnership.html
email to a friend
 print this definition
 cite this definition
 link to this page
Copy and paste this HTML in your website to link to this page
Related terms:
company, Joint Stock Company, joint venture, limited partnership, master limited partnership, private limited partnership, public limited partnership, resyndication limited partnership, S Corporation, venture capital limited partnership and 
'partnership' appears in these other terms:
Limited Liability Partnership
'partnership' appears in the definitions of these other terms on BusinessDictionary.com: |
