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LSDefine
Simple English definitions for legal terms
name partner
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A quick definition of name partner:
A name partner is a person whose name appears in the name of a partnership. They are one of the owners of the business and share in the profits and risks. There are different types of partners, such as general partners who are involved in the daily operations of the business and are personally responsible for the partnership's debts, and limited partners who only receive profits and are not involved in managing the business. A silent partner is a type of partner who shares in the profits but does not have an active role in managing the business. A name partner is important because their name is associated with the partnership and can help attract clients or investors.
A more thorough explanation:
A name partner is a type of partner in a business who has their name included in the name of the partnership. They are also known as a named partner or title member. This partner is usually a senior member of the business and has a significant role in the management of the company.
For example, Mr. Tibbs is a name partner in the accounting firm of Gibbs & Tibbs. This means that Mr. Tibbs is a senior member of the accounting firm and has a significant role in the management of the company.
The example illustrates that a name partner is a senior member of the business who has their name included in the name of the partnership. They have a significant role in the management of the company and are usually responsible for making important decisions.