Partnership

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A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests.wikipedia
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Organization

organisationorganizationsorganisations
The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations.
There are a variety of legal types of organisations, including corporations, governments, non-governmental organisations, political organisations, international organisations, armed forces, charities, not-for-profit corporations, partnerships, cooperatives, and educational institutions.

Business partner

partnerpartnersbusiness partners
A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests.
The meaning of the term is quite different from that implied in partnership, and it is because of the potential for confusion between the two that widespread use of 'business partner' has been discouraged at times in the past.

Legal person

legal personalitylegal entitybody corporate
The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations.
This was not a problem in the era before the Industrial Revolution, when the typical business venture was either a sole proprietorship or partnership—the owners were simply liable for the debts of the business.

Law firm

law firmsfirmlaw office
Law firms are typically organized around partners, who are joint owners and business directors of the legal operation; associates, who are employees of the firm with the prospect of becoming partners; and a variety of staff employees, providing paralegal, clerical, and other support services.

Corporation

corporatecorporationsincorporated
Among developed countries, for example, business partnerships are often favored over corporations in taxation policy, since dividend taxes only occur on profit before they are distributed to the partners.
In American English, the word company can include entities such as partnerships that would not be referred to as companies in British English as they are not a separate legal entity.

General partnership

General PartnerG.P.general partners
Most U.S. states have adopted a form of the Uniform Partnership Act, which includes provisions regulating general partnerships, limited partnerships and limited liability partnerships.
A general partnership, the basic form of partnership under common law, is in most countries an association of persons or an unincorporated company with the following major features:

Accounting

accountancyaccountantaccounting profession
U.S. tax law covers four basic forms of business ownership: sole proprietorship, partnership, corporation, and limited liability company.

Limited partnership

L.P.limited partnerLP
Most U.S. states have adopted a form of the Uniform Partnership Act, which includes provisions regulating general partnerships, limited partnerships and limited liability partnerships.
A limited partnership (LP) is a form of partnership similar to a general partnership except that while a general partnership must have at least two general partners (GPs), a limited partnership must have at least one GP and at least one limited partner.

Limited liability partnership

LLPlimited liability partnershipsLLPs
Most U.S. states have adopted a form of the Uniform Partnership Act, which includes provisions regulating general partnerships, limited partnerships and limited liability partnerships.
It therefore can exhibit elements of partnerships and corporations.

Salary

salariessalariedsalaried employee
Such a remuneration scheme is still common today in accounting, investment, and law firm partnerships where the leading professionals are equity partners, and do not technically receive a salary, but rather make a periodic "draw" against their share of annual earnings.

Limited liability limited partnership

LLLP
An LLLP is a limited partnership and as such consists of one or more general partners and one or more limited partners.

Uniform Partnership Act

Revised Uniform Partnership Act
Most U.S. states have adopted a form of the Uniform Partnership Act, which includes provisions regulating general partnerships, limited partnerships and limited liability partnerships. Model laws include the Uniform Partnership Act and the Uniform Limited Partnership Act.
The Uniform Partnership Act (UPA), which includes revisions that are sometimes called the Revised Uniform Partnership Act (RUPA), is a uniform act (similar to a model statute), proposed by the National Conference of Commissioners on Uniform State Laws ("NCCUSL") for the governance of business partnerships by U.S. States.

Joint and several liability

jointly and severally liablejointly and severallyjoint and several
Although individuals in both categories are described as partners, equity partners and salaried partners have little in common other than joint and several liability.
If, for example, there are three partners, and the creditor sues all of them for the outstanding loan amount and one of them pays the liability, the creditor cannot recover further amounts from the partners who did not contribute to the liability.

Partnership taxation in the United States

partnershipdistributionsfederal partnership taxation
Although the federal government does not have specific statutory law for establishing partnerships, it has an extensive statutory and regulatory scheme for the taxation of partnerships, set forth in the Internal Revenue Code (IRC) and Code of Federal Regulations.
Partnerships are "flow-through" entities.

Consortium

consortiaconsortiumsindustry consortium
Consortium is a Latin word, meaning "partnership", "association" or "society" and derives from consors 'partner', itself from con- 'together' and sors 'fate', meaning owner of means or comrade.

Partnership accounting

When two or more individuals engage in enterprise as co-owners, the organization is known as a partnership.

List of legal entity types by country

a.d.Types of business entityd.o.o.
These include corporations, cooperatives, partnerships, sole traders, limited liability companies and other specifically permitted and labelled types of entities.

Partnership taxation

Partnership taxation is the concept of taxing a partnership business entity.

Uniform Limited Partnership Act

Model laws include the Uniform Partnership Act and the Uniform Limited Partnership Act.
The Uniform Limited Partnership Act (ULPA), which includes its 1976 revision called the Revised Uniform Limited Partnership Act (RULPA), is a uniform act (similar to a model statute), proposed by the National Conference of Commissioners on Uniform State Laws ("NCCUSL") for the governance of business partnerships by U.S. States.

Interest

simple interestrate of interestinterest rates
The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations.

School

schoolsschoolingnight school
The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations.

Government

Form of governmentgovernmentsgovernmental
The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations.

Commercial Revolution

Commercialcash-starved Europedeficit in silver and gold
In Europe, the partnerships contributed to the Commercial Revolution which started in the 13th century.