Partnership
- Law & Governance -
Civil Law Dictionary
Definition
A business-organization or agency concept defining authority, duties, or internal governance consequences in private dealings. It governs representation, allocation of decision power, and standards of conduct for managers and owners in private entities. It does not create authority or liability beyond defined relationships and does not excuse conduct that violates governing duties.
Partnership
Social Sciences Dictionary
Definition
An arrangement in which two or more persons or entities agree to carry on a business in common with the objective of sharing profits (and losses); partners typically have the authority to act on behalf of the partnership and, unless a particular statutory form limits liability, partners ordinarily bear direct legal responsibility for partnership obligations according to the applicable rules.