partner
Definition
A partner is someone who co-owns a business with one or more other people and shares in both the profits and the responsibilities of running that business. Unlike a regular employee or investor, a partner typically has a say in how the business operates and is legally tied to the decisions other partners make on behalf of the company.
Example
If you and your friend open a bakery together and split the profits 50/50, you are both partners in that business, meaning you each share ownership and are both on the hook if something goes wrong.
Watch Out
In a general partnership, you can be personally responsible for debts or legal problems that your partner creates, even if you had no idea what they were doing.
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This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.