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In the common law, a partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which they have all invested. There are two types of partners. General partners have an obligation of strict liability to third parties injured by the Partnership. General partners may have joint liability or joint and several liability depending upon circumstances. The liability of limited partners is limited to their investment in the partnership.
A silent partner is one who still shares in the profits and losses of the business, but who is uninvolved in its management, and/or whose association with the business is not publicly known.
In the civil law the partnership is a nominate contract between individuals who, in a spirit of cooperation, agree to carry on a enterprise, contribute to it, by combining property, knowledge or activities and to share its profit. Partners may have a partnership agreement , or declaration of partnership and in some jurisdictions such agreements may be registered and available for public inspection.
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People can also be partners in a personal relationship. These partnerships do not necessarily have legal status, but they may have it, such as with a marriage, civil union or domestic partner agreement.
Examples of personal partnerships:
- husband and wife
- Gilbert (librettist) & SullivanSir Arthur Seymour Sullivan ( May 13, 1842 November 22, 1900) was a British composer best known for his operatic collaborations with librettist William S. Sullivan was born in Lambeth, now part of London. His father was a military bandmaster, and by the t (music)
- RodgersRichard Rodgers ( June 18, 1902 December 30, 1979) was one of the great composers of musical theater, best known for his song writing partnerships with Lorenz Hart and Oscar Hammerstein II. He received countless awards including Pulitzers, Tonys, Oscars, & HartLorenz Hart ( May 2, 1895 November 22, 1943) was the lyricist half of the famed Broadway songwriting team Rodgers and Hart. Hart met composer Richard Rodgers in 1919, and the two wrote songs for a series of amateur and student productions until the smashi
- RodgersRichard Rodgers ( June 18, 1902 December 30, 1979) was one of the great composers of musical theater, best known for his song writing partnerships with Lorenz Hart and Oscar Hammerstein II. He received countless awards including Pulitzers, Tonys, Oscars, & HammersteinOscar Hammerstein II ( July 12, 1895 August 23, 1960) was a writer and producer of musical comedies for almost forty years. His grandfather, Oscar Hammerstein I, was an opera impresario, and his uncle was a successful Broadway producer. While a college st
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- Double actThe double act is a predominantly British institution, a term used for describing the comedic tradition of a pair of performers. The two would usually comprise of a straight man' or 'feed' and the 'comic', the purpose of the feed being to set up jokes fors
Types of companies
EthicsEthics is a general term for what is often described as the " science of morality". In philosophy, ethical behavior is that which is " good". The Western tradition of ethics is sometimes called moral philosophy . This is one of the three major branches of
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