Type of business organization in which two or more individuals pool money, skills, and other resources, and share profit and loss in accordance with terms of the partnership agreement. In absence of such agreement, a partnership is assumed to exit where the...


Employee Identification Number-A unique numerical identifier which is used to identify businesses, partnerships, or other entities. This number is used by the IRS for many tax-related purposes.


A term used to distinguish the type of legal entity from other types of corporations, etc. This legal entity is a separate legal entity from its owners and has its profits taxed separately from its owners under sub-chapter C of the Internal Revenue Code.
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