partnership An association of two or more individuals who carry on a continuing business for profit as co-owners. Under the law, a partnership is regarded as a group of individuals, rather than as a single entity. A general partnership is a typical form of joint venture, in which each general partner shares in the administration, profits, and losses of the operation. A limited partnership is a business arrangement whereby the operation is administered by one or more general partners and funded by limited or silent partners who are by law responsible for losses only to the extent of their investment.
