A co-owner or investor in a business, called a partnership, who shares profits from that business with at least one other person. Partners are agents of the partnership and may enter into contracts on behalf of the partnership.
Definition from Nolo’s Plain-English Law Dictionary
One of the co-owners and investors in a partnership. Each partner claims a share of the the business's income or losses on the partner's individual tax return. General partners are responsible for the debts, contracts, and actions of all the partners in the business. Limited partners do not share responsibility for partnership debts and cannot share in management decisions.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:21 pm