partnership

An association of two or more persons to carry on as co-owners a business for profit. Uniform Partnership Act § 6. A combination, effected by two or more persons, of capital or personal services for the purpose of conducting a business for their common benefit. The contract of two or more competent persons to place their money, effects, labor, and skill, or some or all of them, in lawful commerce or business, and to divide the profit and bear the loss in certain proportions. 40 Am J1st Partn § 2. But, strictly speaking, a relation or status rather than a contract. Spaulding v Stubbings, 86 Wis 255, 56 NW 469. A distinct legal entity according to some authority; a legal entity for some purposes only, according to other authority. 40 Am J1st Partn § 18. For federal income tax purposes, inclusive of a syndicate, group, pool, joint venture, through or by means of which any business, financial operation, or venture is carried on, and which is not a corporation, an association taxable as a corporation, or a trust or estate. Internal Revenue Code § 761. See general partnership; limited partnership; ostensible partner; quasi partner; silent partner.