Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
dormant partner.
See silent partner.
full partner.
See general partner under PARTNER.
general partner.
A partner who ordinarily takes part in the daily operations of the business, shares in the profits and losses, and is personally responsible for the partnership's debts and liabilities. - Also termed full partner.
junior partner.
A partner whose participation is limited with respect to both profits and management.
nominal partner.
A person who is held out as a partner in a firm or business but who has no actual interest in the partnership. -Also termed ostensible partner; partner by estoppel.
partner.
1. One who shares or takes part with another, esp. in a venture with shared benefits and shared risks; an associate or colleague <partners in crime>. 2. One of two or more persons who jointly own and carry on a business for profit <the firm and its partners were sued for malpractice>. See PARTNERSHIP. 3. One of two persons who are married or who live together; a spouse or companion <my partner in life>.
quasi partner.
A person who joins others in an enterprise that appears to be, but is not, a partnership. ( A joint adventurer, for example, is a quasi-partner.
secret partner.
A partner whose connection with the firm is concealed from the public. -Also termed sleeping partner.
silent partner.
A partner who shares in the profits but who has no active voice in management of the firm and whose existence is often not publicly disclosed. - Also termed dormant partner.
sleeping partner.
See secret partner.
special partner.
See limited partner.
surviving partner.
The partner who, upon the partnership's dissolution because of another partner's death, serves as a trustee to administer the firm's remaining affairs.