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Simple English definitions for legal terms
title member
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A quick definition of title member:
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 more thorough explanation:
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:
- General partner: A partner who 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.
- Limited partner: A partner who receives profits from the business but does not take part in managing the business and is not liable for any amount greater than their original investment.
- Silent partner: A partner who shares in the profits but has no active voice in management of the firm and whose existence is often not publicly disclosed.
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.