Partner Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Partner, written in plain English, along with examples of how it is used.

What is Partner?

A person who unites with others with common interest to perform an activity especially business. Each partner invests its time and money to generate profit. Partners can be general, who has full rights in management of the firm on daily basis and has unlimited liability to extent of personal assets for all the debts. Then there is a limited partner who has no right in day to day management and have the liability to the extent of the investment made in the firm.