Partnership


[pahrt-ner-ship] /ˈpɑrt nərˌʃɪp/

noun
1.
the state or condition of being a partner; participation; association; joint interest.
2.
Law.

/ˈpɑːtnəʃɪp/
noun
1.

2.
the state or condition of being a partner
n.

1570s, from partner (n.) + -ship. In the commercial sense from c.1700.

An association of two or more persons to conduct a business. In contrast to a corporation, those who engage in a partnership are liable for debts incurred by the company to the full extent of their private fortunes rather than merely to the extent of their investment.

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