partner

A member of partnership or firm; one who has united with others to form a partnership in business.

See also general partner

- partnership.

@ dormant partners

Those whose names are not known or do not appear as partners, but who nevertheless are silent partners, and partake of the profits, and thereby become partners, either absolutely to all intents and purposes, or at all events in respect to third parties. Dormant partners, in strictness of language, mean those who are merely passive in the firm, whether known or unknown, in contradistinction to those who are active and conduct the business of the firm, as principals.

See also silent partner.

@ full partner

@ general partner

@ full or general partner

full or general partner

A partner who participates fully in the profits, losses and management of the partnership and who is personally liable for its debts.

+ general partner

One of two or more persons who associate to carry on business as co-owners for profit and who are personally liable for all debts of the partnership. Uniform Partnership Act, No. 6(1), (15).

To be contrasted with "limited" partner who is liable only to the extent of his or her contributed capital. May also be the managing partner of a limited partnership who is responsible for operations of partnership.

See partner

@ junior partner

A partner whose participation in the firm is limited as to both profits and management.

See also limited partner.

@ limited partner

A partner whose participation in the profits is limited by an agreement and who is not liable for the debts of the partnership beyond his capital contribution.

+ limited partner

A person who has been admitted to a limited partnership as a limited partner in accordance with the partnership agreement. Uniform Partnership Act, No. 101. A partner whose liability to third party creditors of the partnership is limited to the amount invested by such partner in the partnership.

See also partnership (limited partnership).

Compare general partner

@ liquidating partner

The partner who, upon the dissolution or insolvency of the firm, is appointed to settle its accounts, collect assets, adjust claims, and pay debts.

+ liquidating partner

The partner who upon the dissolution or insolvency of the firm, is appointed to settle its accounts, collect assets, adjust claims, and pay debts

@ nominal partner

One whose name appears in connection with the business as a member of the firm, but who has no real interest in it.

+ nominal partner

A person who appears to be a partner in a firm, or is so represented to persons dealing with the firm, or who allows his name to appear in the style of the firm or to be used in its business, in the character of a partner, but who has no actual interest in the firm or business

@ ostensible partner

One whose name appears to the world as such, or who is held out to all persons having dealings with the firm in the character of a partner, whether or not he has any real interest in the firm.

+ ostensible partner

One whose name appears to the world as such, though he has no interest in the firm

@ quasi partner

One who has joined with others in a business which appears to be a partnership but who is not actually a partner, e.g. joint adventurer.

@

- secret partner (See also dormant partners).

- silent partner (See also dormant partners).

@ special partner

A member of a limited partnership, who furnishes certain funds, and whose liability extends no further than the fund furnished. A partner whose responsibility is restricted to the amount of his investment.

@ surviving partner

The partner who, on the dissolution of the firm by the death of his copartner, occupies the position of a trustee to settle up its affairs

@