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Meaning of partnership

 

 

 

Partnership

 

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Business glossary

 

Meaning of term partnership :

 

A partnership is a firm owned by between 2-20 people who share the profits and usually have unlimited liability for the debts of the firm. There is now also a new category of limited liability partnership (llp) where the firm is still a partnership, but they have limited liability for the debts of the firm as in the case of private and public limited companies.

 

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Partnership

 

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