|
In my view, the Christian religion is the most important and one of the first things in which all children, under a free government ought to be instructed... No truth is more evident to my mind than that the Christian religion must be the basis of any government intended to secure the rights and privileges of a free people. Preface to 1828 Dictionary
|
P`ARTNERSHIP, n. The association of two or more persons for the purpose of undertaking and prosecuting any business, particularly trade or manufactures, at their joint expense. In this case, the connection is formed by contract; each partner furnishing a part of the capital stock and being entitled to a proportional share of profit, or subject to a proportional share of loss; or one or more of the partners may furnish money or stock, and the other or others contribute their services. The duration of the partnership may be limited by the contract, or it may be left indefinite,subject to be dissolved by mutual agreement. A partnership or association of this kind is a standing or permanent company, and is denominated a firm or house. We say, A and B entered into partnership for the importation and sale of goods, or for manufacturing cotton or glass.
The state or condition of being a partner; as, to be in
partnership with another; to have partnership in the
fortunes of a family or a state.
A division or sharing among partners; joint
possession or interest.
Rome, that ne'er knew three lordly heads before, He does possession keep, An alliance or association of persons for
the prosecution of an undertaking or a business on joint account; a
company; a firm; a house; as, to form a partnership.
A contract between two or more
competent persons for joining together their money, goods, labor, and
skill, or any or all of them, under an understanding that there shall
be a communion of profit between them, and for the purpose of carrying
on a legal trade, business, or adventure.
Kent.
Story.
* Community of profit is absolutely essential to, though not necessary the test of, a partnership. See Fellowship,
Limited partnership, a form of partnership in which the firm consists of one or more general partners, jointly and severally responsible as ordinary partners, and one or more special partners, who are not liable for the debts of the partnership beyond the amount of cash they contribute as capital. -- Partnership in commendam, the title given to the limited partnership (F. société en commandité) of the French law, introduced into the code of Louisiana. Burrill. -- Silent partnership, the relation of partnership sustained by a person who furnishes capital only. | ||||||||