The Definition of Partnership - Essay Example

The definition of a partnership is a relationship that exists between a few individuals or a group of people (Sitarz, 1999). As the joining of two or more parties continues, there is the perception that there is a reduction in workload. Also, there is an increase in efficiency, and many more work-friendly related factors exhibit themselves through partnership. In the midst of all these, it is crucial that those in partnership understand certain things. For example, to be in such a relationship something must be contributed from each end. This could be in the form of skill, or capital. This paper will review such a partnership, and also why it comes off as a partnership.

In an example of a partnership, Deana and Eric come together to work on a criminal case. Deana involves Eric by making him co-counsel in the criminal case. Deana and Eric are partners in the criminal case. This is because, in all Deana is working on, there is a direct effect on Eric. Secondly, it is a partnership since Eric is receiving profits from the case equal to Deana.

Such a partnership is evident as both these individuals gain something from such an arrangement (Link, 2006). Deana is gaining in the form of Eric’s skills. This is in the form of counsel. The losses and/or damages that Deana may suffer may pass on to Eric. This is if they agree to share everything from the first time they decide to make the union official.

In conclusion, the most crucial thing is that both these individuals are aware of the existence of their relationship. If anyone should decide to back down from it before the agreement is honored, he or she is liable for punishment (Glasbergen, 2007). However, all this is dependent on the agreement reached during the formation/onset of such a relationship.