Part"ner*ship, n. 1.
The state or condition of being a partner; as, to be in
partnership with another; to have partnership in the
fortunes of a family or a state.
2. A division or sharing among partners; joint
possession or interest.
Rome, that ne'er knew three lordly heads before,
First fell by fatal partnership of power.
Rowe.
He does possession keep,
And is too wise to hazard partnership.
Dryden.
3. An alliance or association of persons for
the prosecution of an undertaking or a business on joint account; a
company; a firm; a house; as, to form a partnership.
4. (Law) A contract between two or more
competent persons for joining together their money, goods, labor, and
skill, or any or all of them, under an understanding that there shall
be a communion of profit between them, and for the purpose of carrying
on a legal trade, business, or adventure. Kent.
Story.
&fist; Community of profit is absolutely essential to, though not
necessary the test of, a partnership.
5. (Arith.) See Fellowship,
n., 6.
Limited partnership, a form of partnership in
which the firm consists of one or more general partners, jointly and
severally responsible as ordinary partners, and one or more special
partners, who are not liable for the debts of the partnership beyond
the amount of cash they contribute as capital. --
Partnership in commendam, the title given to the
limited partnership (F. société en
commandité) of the French law, introduced into the code of
Louisiana. Burrill. -- Silent
partnership, the relation of partnership sustained by a
person who furnishes capital only.
