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Simple English definitions for legal terms
named partner
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A quick definition of named partner:
A named partner is a person whose name appears in the name of a partnership. They are one of the people who jointly own and carry on a business for profit. They share in the benefits and risks of the venture with other partners. A named partner can be a full partner who takes part in daily operations or a limited partner who only receives profits and does not manage the business. They can also be a silent partner who shares in profits but has no active voice in management or a secret partner whose connection with the firm is concealed from the public.
A more thorough explanation:
A named partner is a type of partner in a business. This is a partner whose name appears in the name of the partnership. For example, Mr. Tibbs is a named partner in the accounting firm of Gibbs & Tibbs.
Named partners are important because they are often the founders or senior members of the business. They may have a lot of influence over the direction of the company and may be responsible for important decisions.
For example, in a law firm, a named partner may be a high-ranking partner who has a lot of experience and expertise in a particular area of law. They may be responsible for managing the firm and making important decisions about which cases to take on.