Dictionary of Law
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partner :: legal definition


Partner - n. 1) one of the co-owners and investors in a "partnership" which is an on-going business enterprise entered into for profit. A "general partner" is responsible for the debts, contracts and actions of all the partners in the business, is an equal in management decisions unless there is an agreement establishing management duties and rights, and shares in the profits and losses based on the percentage of the investment (either in money or effort) in the partnership. A "limited partner" does not share responsibility for debts beyond his/her investment, cannot share in management, and shares in profits based on a written agreement. A "silent partner" is no different from any partner except he/she is not visible to the public and has no part in day-to-day management. 2) slang for "domestic partner," usually two people living together, either homosexual or heterosexual, sharing lives and possessions, and not married.

See also: domestic partners general partner limited partnership partnership and Related Law Terms ↓


Related Law Terms

bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
capital gains :: n. the difference between the sales price and the ... so: basis delayed exchange exchange
clean hands doctrine :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
commingling :: n. the act of mixing the funds belonging to one pa ... rust accounts for funds of another.
common area :: n. in condominium and some cooperative housing pro ... tage of total store space occupied.
contractor :: n. 1) a person or entity that enters into a contra ... actor mechanic's lien subcontractor
contribution :: n. 1) donation to a charity or political campaign. ... f $3,000 from each of his partners.
cooperative :: n. an association of individual businesses, farmer ... exes. See also: cooperative housing
corporation :: n. an organization formed with state governmental ... ation public corporation securities
declaration of trust :: n. the document signed by a trustor (settlor) crea ... also: settlor trust trustee trustor
franchise :: 1) n. a right granted by the government to a perso ... on property, income or profits tax.
general appearance :: n. an attorney's representation of a client in cou ... case. See also: special appearance
general partner :: n. 1) usually one of the owners and operators of a ... ted partnership partner partnership
head of household :: n. 1) in federal income tax law, the person filing ... n or daughter. 3) "head of family."
impute :: v. 1) to attach to a person responsibility (and th ... also. See also: vicarious liability
insolvency :: n. 1) the condition of having more debts (liabilit ... the property. See also: bankruptcy
joint and several :: adj. referring to a debt or a judgment for neglige ... ution contributory negligence joint
joint custody :: n. in divorce actions, a decision by the court (of ... em. See also: child custody divorce
joint venture :: n. an enterprise entered into by two or more peopl ... s terminated. See also: partnership
law :: n. 1) any system of regulations to govern the cond ... um maritime law natural law statute
liability :: n. one of the most significant words in the field ... bility joint tortfeasors negligence
limited liability :: n. the maximum amount a person participating in a ... ted damages partnership shareholder
limited partnership :: n. a special type of partnership which is very com ... mited liability partner partnership
living trust :: n. sometimes called an inter vivos (Latin for "wit ... thrift clause trust trustee trustor
Massachusetts Trust :: n. a business in which the investors give manageme ... provide for eventual distribution.
mechanic's lien :: n. the right of a craftsman, laborer, supplier, ar ... ll sue for the debt. See also: lien
negligence :: n. failure to exercise the care toward others whic ... gence per se res ipsa loquitur tort
officer :: n. 1) a high-level management official of a corpor ... deputy sheriff or federal marshal.
partnership :: n. a business enterprise entered into for profit w ... partnership partner silent partner
pro rata :: (proh rat-ah or proh ray-tah) adj. from Latin for ... e year in which he/she holds title.
prospectus :: n. a detailed statement by a corporation required ... rporation limited partnership stock
prudent man rule :: n. the requirement that a trustee, investment mana ... (1994). See also: fiduciary trustee
reformation :: n. the correction or change of an existing documen ... neral partner sues for reformation.
securities :: n. generic term for shares of stock, bonds and deb ... ee also: bond debenture share stock
self-dealing :: n. in the stock market, using secret "inside" info ... ederal Securities and Exchange Act.
silent partner :: n. a non-legal term for an investor who puts money ... partner limited partnership partner
statute of limitations :: n. a law which sets the maximum period which one c ... ies. See also: demurrer laches toll
suffering :: n. the pain, hurt, inconvenience, embarrassment an ... njury negligence pain and suffering
trust :: n. an entity created to hold assets for the benefi ... testamentary trust trustee trustor

Popular Law Searches

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testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
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forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - P

paid into court :: adj. referring to money deposited with the clerk o ... differences. See also: interpleader
pain and suffering :: n. the physical and mental distress suffered from ... l damages special damages suffering
palimony :: n. a substitute for alimony in cases in which the ... the relationship. See also: alimony
pander :: 1) v. to solicit customers for a prostitute. 2) n. ... ons or favors. See also: prostitute
panderer :: n. 1) a person who panders or solicits for a prost ... special interests. See also: pander
panel :: n. the list of people selected to appear for jury ... or jury duty. See also: jury venire
paper hanger :: n. slang for a person who criminally writes and ca ... ey in them. See also: forgery fraud
par :: n. 1) an equal level. 2) the face value of a stock ... common stock preferred stock stock
paralegal :: n. a non-lawyer who performs routine tasks requiri ... h less than that for the attorneys.
paramount title :: n. a right to real property which prevails over an ... n's claim of title. See also: title
parcel :: n. a defined piece of real estate, usually resulti ... See also: real estate real property
pardon :: 1) v. to use the executive power of a Governor or ... also: amnesty commutation reprieve
parens patriae :: (paa-rens pat-tree-eye) n. Latin for "father of hi ... pport custody divorce guardian ward
parent :: n. the lawful and natural father or mother of a pe ... natural parent. See also: adoption
parental neglect :: n. a crime consisting of acts or omissions of a pa ... usive or sexually predatory person.
pari delicto :: adj. equal fault. See also: in pari delicto ... al fault. See also: in pari delicto
parish :: n. 1) a geographic area served by a church (partic ... overnmental equivalent of a county.
parody :: n. the humorous use of an existing song, play, or ... l significance. See also: copyright
parol :: adj. oral. See also: parol evidence rule ... oral. See also: parol evidence rule
parol evidence rule :: n. if there is evidence in writing (such as a sign ... or contradict the written document.