Partnerships
Definitions
- (n.) Legal relationship whereby two or more persons carry on a business as co-owners for profit.
The law firm was formed as a partnership between two experienced lawyers.
Forms
- partnership
Related terms
See also
Commentary
In legal drafting, clearly distinguishing the type of partnership (general, limited, LLP) is essential to define liability and management roles.
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.