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partnership definition - finance
A business that has two or more owners who agree to share profits and are liable for any debts or losses. The partnership agreement outlines how profits and losses are to be allocated. A partnership agreement may terminate upon the death or withdrawal of one member, or may include other arrangements in such situations, including allowing the remaining partner or partners to purchase the withdrawing partnerÂ’s share of the business.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.

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