subpartnership

subpartnership
A so-called partnership formed between a member of a partnership and a third person for a division of the profits coming to him from the partnership enterprise, by an agreement of such a character as to disclose the essentials necessary to a partnership between the partner and the third person. Such third person does not become a member of the first partnership nor is he liable for its debts. 40 Am J1st Partn § 14.

Ballentine's law dictionary. . 1998.

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Look at other dictionaries:

  • subpartnership — n. subordinate partnership created within a larger union …   English contemporary dictionary

  • partnership — A business owned by two or more persons that is not organized as a corporation. A voluntary contract between two or more competent persons to place their money, effects, labor, and skill, or some or all of them, in lawful commerce or business,… …   Black's law dictionary

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