Welcome to the SmallBusiness.com WIKI
The free sourcebook of small business knowledge from SmallBusiness.com
Currently with 29,735 entries and growing.

WIKI Welcome Page
Local | Glossaries | How-to's | Guides | Start-up | Links | Technology | All Hubs
About · Help Hub · Register to Edit · Editing Help
Twitter: @smallbusiness | Facebook | Pinterest | Google+

SmallBusiness-com-logo.jpeg

In addition to the information found on the SmallBusiness.com/WIKI,
you may find more information and help on a topic
by clicking over to SmallBusiness.com and searching there.


Note | Editorial privileges have been turned off temporarily.
You can still use the Wiki but cannot edit existing posts or add new posts.
You can e-mail us at info@smallbusiness.com.


Partnership

SmallBusiness.com: The free small business resource
Jump to: navigation, search

A partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which they have all invested.

There are two types of partners. General partners have an obligation of strict liability to third parties injured by the Partnership. General partners may have joint liability or joint and several liability depending upon circumstances. The liability of limited partners is limited to their investment in the partnership.

A silent partner is one who still shares in the profits and losses of the business, but who is uninvolved in its management, and/or whose association with the business is not publicly known.

In the civil law the partnership is a nominate contract between individuals who, in a spirit of cooperation, agree to carry on an enterprise, contribute to it, by combining property, knowledge or activities and to share its profit. Partners may have a partnership agreement, or declaration of partnership and in some jurisdictions such agreements may be registered and available for public inspection.

Wiki25.jpg
This entry includes content from the following Wikipedia article:Partnership.

See also

See Also

SB glossary new.jpg
This term or phrase is currently an entry in The SmallBusiness.com Business Glossary WIKI. Please help expand this entry into a more detailed description.