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partnership
(redirected from Limited partnerships)

   Also found in: Dictionary/thesaurus, Legal, Financial, Encyclopedia, Wikipedia 0.01 sec.
partnership,
n 1. the association of two or more persons for the purpose of carrying on business (or practice) together and dividing its profits.
n 2. a legal, binding contract defining the association of two or more persons in a business or professional relationship such as a dental practice.
partnership, notice of dissolution of intelligence,
n by any of a variety of means, notice to creditors and the public that a partnership has been dissolved.


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The Tax Court concluded that Congress had contemplated that entities that are substantially equivalent to limited partnerships are considered presumptively passive under Sec.
[ILLUSTRATION OMITTED] The court additionally found interests in tenancies in common that were held by the taxpayers were not interests in limited partnerships and, therefore, they also were not subject to the Sec.
First, limited partnerships are created not by the intention of the parties but by statute, by filing registration papers with the state.
 
 
 
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