In this paper, the author describes what might happen if a college got rid of its board of trustees and the faculty became voting partners in running the "corporation." What if there was no board of trustees composed mainly of outsiders? What if the president was chosen by and responsible to the faculty? What, in short, if the faculty owned the institution and thus itself? This college, probably a private liberal arts school, would be a partnership; the members of the faculty would be the partners. Each tenure-track assistant professor would be a junior partner, each associate professor a general partner, and each professor a senior partner. Partners in each category would be paid equally based on an accepted formula for the distribution of net income. The academic officers of the college, such as the president, would receive their usual share as faculty members plus a small extra sum.