- Partnership
- Shared ownership among two or more individuals, some of whom may, but do not necessarily, have limited liability. See: general partnership, limited partnership, and master limited partnership. The New York Times Financial Glossary
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partnership part‧ner‧ship [ˈpɑːtnəʆɪp ǁ ˈpɑːrtnər-] noun1. [countable] a relationship between two people, organizations, or countries that work together:partnership between• the partnership between US capital and Mexican labor
ˌpublic-ˌprivate ˈpartnership[countable] a partnership where investment comes from the government and from companies:• a public-private partnership between IT companies and the Department of Energy to develop new computer chips
2. [uncountable] the situation of working together in business:• Biogen developed the drug, which is marketed in partnership with another company.
• He went into partnership with the owner of a cement factory.
3. [countable] LAW FINANCE a business organization made up of a group of accountants, lawyers etc who work together, or of a group of investors:• the Canadian partnership of the accounting firm PriceWaterhouseCooper
• Prime sold a 65% stake in Howard Johnson to an investment partnership for $200 million.
ˌgeneral ˈpartnership [countable]in the US, a partnership where partners are responsible for the partnership's debts without limit up to the value of its assets:• A general partnership is the most suitable form of organization for many small businesses.
in the US, a partnership where partners are responsible for the partnership's debts only up to the amount they originally invested:• The company has converted to a corporation from a limited partnership.
ˌprivate ˌlimited ˈpartnership [countable]a private partnership with limited liability (= where investors do not have to sell their own assets to repay debts if the organization goes bankrupt (= fails financially and has to close):• We are a private limited partnership, focussing on the area of information management.
ˌprivate ˈpartnership [countable]a type of investment organization in the US, often one investing in property:• Horizon Healthcare Corp. has agreed to lease and manage four nursing homes owned by private partnerships.
ˌpublic ˈpartnership [countable]in the US, a partnership open to outside investors:* * *
partnership UK US /ˈpɑːtnəʃɪp/ noun WORKPLACE, FINANCE► [C or U] an agreement between organizations, people, etc. to work together: a partnership between sb/sth and sb/sth »The government is promoting a partnership between the state and the private sector.
a partnership with sb/sth »The Symphony has announced a new partnership with the Seattle Young Artists Festival.
build/develop/form a partnership »The company has formed a partnership with a US marketing firm to try to break into that market.
in partnership with sb/sth »The university works in partnership with several local businesses.
a partnership of sth »The program is a local partnership of groups helping elementary students begin preparing for college.
»They have signed a strategic partnership agreement with a leading mobile operator.
go/enter into a partnership »He has entered into a business partnership with his former boss.
► [C] a company which is owned by two or more people: set up/establish/found a partnership »The partnership he jointly founded, is emerging as one of the leading headhunters for senior board appointments.
→ See also DEED OF PARTNERSHIP(Cf. ↑deed of partnership), GENERAL PARTNERSHIP(Cf. ↑general partnership), LIMITED PARTNERSHIP(Cf. ↑limited partnership), PUBLIC-PRIVATE PARTNERSHIP(Cf. ↑public-private partnership)
Financial and business terms. 2012.
