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-] noun
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.

ˌlimited ˈpartnership [countable] written abbreviation LP
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:

• One in five public partnerships is in financial trouble.

— see also deed of partnership

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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.

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