Partnership
/ˈpɑːrtnərʃɪp/
Definitions
- (n.) A business arrangement where two or more individuals share ownership and management.
They formed a partnership to run the law firm.
- (n.) A legal entity established by an agreement between partners to carry on a joint business.
The partnership agreed to divide profits equally.
Forms
- partnerships
Related terms
See also
Commentary
Partnerships require clear agreements to define roles, responsibilities, and profit sharing to avoid disputes.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.