Legal partnership
Legal partnership (or, simply, partnership) is the association of two or more persons who act as co-owners of a business.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Partnership. The association of two or more persons who act as co-owners of a business.
According to Financial Management Theory and Practice by Eugene F. Brigham and Michael C. Ehrhardt (13th edition),
- Partnership. A partnership exists when two or more persons associate to conduct a business.
According to Fundamentals of Financial Management by Eugene F. Brigham and Joel F. Houston (15th edition),
- Partnership. An unincorporated business owned by two or more persons.
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
