Legal Definition and Related Resources of Partner, Partnership

A voluntary contract between two or more competent persons to place their money , effects , labor and skill or some one or all of them in lawful commerce or business , and to divide the profit and bear the loss in certain proportions. See Meehan v Valentine, 145 U.S. 611,12 S.Ct. 972, 36 L.Ed. 835. The U.P.A. §6(1) defines a partnership as an association of two or more persons to carry on as co-owners a business for profit. A partnership may be either a general one or a limited one. A limited partnership is one where a partner contributes a specified sum to the capital of the partnership and limits his liability for losses to that amount , pursuant to Statutes allowing limited partnerships. See Limited partnership. A partner is a member of a partnership.

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Partner, Partnership in Historical Law

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