Simple English definitions for legal terms
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A title member is a person whose name appears in the name of a partnership. They are also known as a named partner. A partnership is a business where two or more people work together and share the profits and risks. There are different types of partners, such as a general partner who is responsible for the partnership's debts and a limited partner who only receives profits but does not manage the business. A title member is important because their name is part of the partnership's identity.
A title member is a partner whose name appears in the name of the partnership. For example, Mr. Tibbs is a title member in the accounting firm of Gibbs & Tibbs.
This means that the partner has a significant role in the partnership and is responsible for the business's profits and losses. They also share the risks and benefits of the venture with other partners.
Other types of partners include:
For example, a limited partner may invest money in a business but not have any say in how the business is run. A silent partner may invest money and share in the profits, but their involvement in the business is kept secret.