Define: Partnership

Business, Legal & Accounting Glossary

Definition: Partnership


Quick Summary of Partnership


Two or more persons in business together with the aim of making a profit.
A type of business where the profits and losses are shared by each of the people involved. Rules for partnerships vary from country to country, and from industry to industry.



What is the dictionary definition of Partnership?

Dictionary Definition


The state of being a partner or partners.

  1. The state of being associated with a partner.
  2. An association of two or more people to conduct business.
  3. A cooperative relationship between people or groups who agree to share responsibility for achieving some specific goal.
    Effective language learning is a partnership between school, teacher and student.
    The action teams worked in partnership with the government.
  4. The members of a business venture created by contract.
  5. A contract between two or more persons who agree to pool talent and money and share profits or losses.

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Full Definition of Partnership


A type of business where the profits and losses are shared by each of the people involved. Rules for partnerships vary from country to country, and from industry to industry. See also: General partnership.


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Examples of Partnership in a sentence


Those two started their software company as a partnership, and when they sold the company to Microsoft, they split the profits evenly.
The stakeholders’ partnership with the company limits their potential loss to the amount they invested.
Effective language learning is a partnership between school, teacher and student.
The action teams worked in partnership with the government.


Synonyms For Partnership


association, cooperation, partner, union


Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/partnership/
Modern Language Association (MLA):
Partnership. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. April 05, 2020 https://payrollheaven.com/define/partnership/.
Chicago Manual of Style (CMS):
Partnership. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/partnership/ (accessed: April 05, 2020).
American Psychological Association (APA):
Partnership. PayrollHeaven.com. Retrieved April 05, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/partnership/

Definition Sources


Definitions for Partnership are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 15th February, 2020