Two or more persons carrying on a business in common with a view of profit. Every partner is an agent of the firm and thus binds each and every partner. Accordingly each partner is jointly and severally liable for all of the debts not just their percentage share. The firm is not a separate legal entity and therefore cannot enter into any contractual obligations and the each member (partners) is principal and agent of the others.
Barry Goldsmith
| APA | Barry Goldsmith. (2010). partnerships. Retrieved September 26, 2026, from http://smartdefine.org/partnerships/definitions/1160218 |
| Chicago | Barry Goldsmith. 2010. "partnerships" http://smartdefine.org/partnerships/definitions/1160218 (accessed September 26, 2026). |
| Harvard | Barry Goldsmith 2010, partnerships, Smart Define, viewed 26 September, 2026, <http://smartdefine.org/partnerships/definitions/1160218>. |
| MLA | Barry Goldsmith. "partnerships" 21 October 2010. Web. 26 September 2026. <http://smartdefine.org/partnerships/definitions/1160218> |