Legal Dictionary
Main Entry:
part·nerFunction:
noun : one of two or more persons associated as joint principals in carrying on a business for the purpose of enjoying a joint profit
: a member of a partnership;
specifically : a partner in a law firm
dormant partner : SILENT PARTNER in this entry
general partner : a partner whose liability for partnership debts and obligations is unlimited —compare
LIMITED PARTNER in this entry
lim·it·ed partner : a partner in a venture who has no management authority and whose liability is limited to the amount of his or her investment —compare
GENERAL PARTNER in this entry
partner in com·men·dam /-in-k&-'men-d&m, -kO-'men-"däm/ in the civil law of Louisiana : LIMITED PARTNER in this entry
si·lent partner : a partner who takes no active part in conducting the partnership business but who receives a share of its profits and whose existence is often not made public called also
dormant partner