silent partnership

1 definition found

silent partnership - Collaborative International Dictionary of English v.0.48 :

  Partnership \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.
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     2. A division or sharing among partners; joint possession or
        interest.
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              Rome, that ne'er knew three lordly heads before,
              First fell by fatal partnership of power. --Rowe.
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              He does possession keep,
              And is too wise to hazard partnership. --Dryden.
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     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.
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     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.
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     Note: Community of profit is absolutely essential to, though
           not necessarily the test of, a partnership.
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     5. (Arith.) See Fellowship, n., 6.
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     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. soci['e]t['e] en commandit['e]) 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.
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