Partner Legal Meaning and Definition

Here is a simplified definition of the legal term Partner.

Partner (noun): An individual or entity that collaborates with others, typically sharing investment of resources such as time or money, to carry out a common goal, often in a business setting. There are two common types of partners:

1. General Partner: Holds complete management rights and responsibilities in daily business operations, with unlimited liability that extends to personal assets for business debts.

2. Limited Partner: Has no role in daily business management, bearing liability only up to the extent of their investment in the business.