- partnership
- a legal business relationship of two or more people who share responsibilities, resources, profits, and liabilities. Glossary of Business Terms————See general partnership and limited partnership. American Banker Glossary————Shared ownership among two or more individuals, some of whom may, but do not necessarily, have limited liability with respect to obligations of the group. Bloomberg Financial DictionarySee: general partnership, limited partnership, and master limited partnership. Bloomberg Financial Dictionary————In a partnership, two or more people jointly own the business. While general partners are fully liable for the debts of the business, limited partners have limited liability. London Stock Exchange Glossary
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1. [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.
