partnership

noun

part·​ner·​ship ˈpärt-nər-ˌship 

 also  ˈpärd-

1

: the state of being a partner : participation

scientists working in partnership with each other

2

a

: a legal relation existing between two or more persons contractually associated as joint principals in a business

began a legal partnership with his uncle

b

: the persons joined together in a partnership

the partnership computes its net income … in a manner similar to that of an individual

—J. K. Lasser

3

: a relationship resembling a legal partnership and usually involving close cooperation between parties having specified and joint rights and responsibilities

The band has maintained a successful partnership for 10 years.

Synonyms

• affiliation
• alliance
• association
• collaboration
• confederation
• connection
• cooperation
• hookup
• liaison
• linkup
• relation
• relationship
• tie-up
• union

Examples of partnership in a Sentence

two people joined in partnership

scientists working in partnership with each other

The company is developing a new car in partnership with leading auto manufacturers in Japan.

Their marriage is a partnership that has remained strong despite family illness.

The singing duo has maintained a successful partnership for 20 years.

a notable partnership between two experienced scientists in the field

He joined the partnership last year.

Recent Examples on the Web

As part of the transaction, Berkshire acquired additional shares in Kraft Heinz as part of a $10 billion additional equity commitment in partnership with 3G Capital. —Gurufocus, Forbes, 23 Oct. 2024

The program, called A Place to Heal, is a partnership between New Beginnings, Washington Regional Medical Center and Blue and You Foundation to provide medical respite care for unhoused residents after they are discharged from the hospital. —Stacy Ryburn, arkansasonline.com, 23 Oct. 2024

The partnership with Costco is a way for Peloton to cast a wider net and make its products more accessible, said Angeli Gianchandani, an adjunct instructor at New York University’s School of Professional Studies. —Sasha Rogelberg, Fortune, 23 Oct. 2024

Flashback: Russia and North Korea signed a mutual defense partnership in June. —Ivana Saric, Axios, 23 Oct. 2024

Word History

First Known Use

1576, in the meaning defined at sense 1

Phrases Containing partnership

• co-partnership
• limited liability partnership
• limited partnership

Kids Definition

partnership

noun

part·​ner·​ship ˈpärt-nər-ˌship 

1

: the state of being a partner

2

: a business organization owned by two or more persons who agree to share the profits and losses

Legal Definition

partnership

noun

part·​ner·​ship

: an association of two or more persons or entities that conduct a business for profit as co-owners see also Uniform Partnership Act compare corporation, joint venture, sole proprietorship

Note: Except in civil law as practiced in Louisiana, where a partnership, like a corporation, is considered a legal person, a partnership is traditionally viewed as an association of individuals rather than as an entity with a separate and independent existence. A partnership cannot exist beyond the lives of the partners. The partners are taxed as individuals and are personally liable for torts and contractual obligations. Each partner is viewed as the other's agent and, traditionally, is jointly and severally liable for the tortious acts of any one of the partners.

— commercial partnership

: trading partnership in this entry

— family limited partnership

: a limited partnership in which the partners are members of a family

— family partnership

: a partnership in which the partners are members of a family

— general partnership

: a partnership in which each partner is liable for all partnership debts and obligations in full regardless of the amount of the individual partner's capital contribution compare limited partnership in this entry

— limited liability partnership

: a partnership formed under applicable state statute in which the partnership is liable as an entity for debts and obligations and the partners are not liable personally

— limited partnership

: a partnership in which the business is managed by one or more general partners and is provided with capital by limited partners who do not participate in management but who share in profits and whose individual liability is limited to the amount of their respective capital contributions compare general partnership in this entry

— master limited partnership

: a limited partnership that offers interests for sale on the market

also : the interests themselves sold as securities

— mining partnership

: a partnership in which two or more persons jointly own a mining claim and actually engage in extracting minerals with the purpose of sharing profits and losses

— nontrading partnership

: a partnership that is not engaged in the buying and selling of goods

called also non-commercial partnership

compare trading partnership in this entry

— partnership at will

: a partnership whose duration is not fixed by contract and that is terminable at will by any partner

— partnership by estoppel

: a partnership created by operation of law when a defendant by words or conduct represents himself or herself to the plaintiff or to the public as a partner and the plaintiff relies on the representation to his or her detriment

— partnership in commendam

in the civil law of Louisiana : limited partnership in this entry

— trading partnership

: a partnership whose business involves the buying and selling of goods

called also commercial partnership

compare nontrading partnership in this entry