1. A type of unincorporated business organization in which multiple individuals, called general partners, manage the business and are equally liable for its debts; other individuals called limited partners may invest but not be directly involved in management and are liable only to the extent of their investments. Unlike a Limited Liability Company or a corporation, in a partnership each partner shares equal responsibility for the company's profits and losses, and its debts and liabilities. The partnership itself does not pay income taxes, but each partner has to report their share of business profits or losses on their individual tax return. Estimated tax payments are also necessary for each of the partners for the year in progress. Partnerships must file a return on Form 1065 showing income and deductions. Estimated tax payments are also required if they expect their income to be greater than $1,000.
2. More generally, a relationship of two or more entities conducting business for mutual benefit.
Related information about partnership:
- Partnership - Wikipedia, the free encyclopedia
A partnership is an arrangement where parties agree to cooperate to advance their mutual interests. Since humans are social beings, partnerships between ...
- Partnerships
Nov 8, 2012 ... A partnership is the relationship existing between two or more persons who ... A partnership must file an annual information return to report the ...
- Partnership | SBA.gov
Partnership. A partnership is a single business where two or more people share ownership. Each partner contributes to all aspects of the business, including ...
- PartnerShip.com Home Page
PartnerShip, the industry leader in developing and managing discount shipping programs for trade associations.
- Partnership | LII / Legal Information Institute
A partnership is a for-profit business association of two or more persons. ... is that partners are jointly and independently liable for the partnership's debts.
- Partnership HealthPlan of California (PHC)
Oct 1, 2012 ... Partnership HealthPlan of California is moving. Beginning November 26th, our new address will be: 4665 Business Center Drive, Fairfield, CA ...
- Partnership Synonyms, Partnership Antonyms | Thesaurus.com
Synonyms for partnership at Thesaurus.com with free online thesaurus, antonyms, and definitions. Dictionary and Word of the Day.
- Partnership - Merriam-Webster Online
a : a legal relation existing between two or more persons contractually associated as joint principals in a business. b : the persons joined together in a ...