1) one of the co-owners and investors in a "partnership" which is an on-going business
enterprise entered into for profit. A "general partner" is responsible for the debts,
contracts and actions of all the partners in the business, is an equal in management
decisions unless there is an agreement establishing management duties and rights,
and shares in the profits and losses based on the percentage of the investment (either
in money or effort) in the partnership. A "limited partner" does not share responsibility
for debts beyond his/her investment, cannot share in management, and shares in profits
based on a written agreement. A "silent partner" is no different from any partner
except he/she is not visible to the public and has no part in day-to-day management.
2) slang for "domestic partner," usually two people living together, either homosexual
or heterosexual, sharing lives and possessions, and not married.
See also domestic partners general partner limited partnership partnership
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