partner

a member in such a syndicate, group, pool, joint venture, or organization.

Defined by the Supreme Court in Lusthaus v. Commissioner of Internal Revenue, 327 U.S. 293 (1946).

One who is a member of a partnership (q. v.) Ostensible Partners. Those held out and known as partners, and who in reality are such. Secret Partners. Those whose relation to the partnership is concealed. Active Partners. Those who take an active part in the conduct of the business. They may be either ostensible or secret partners. —

— Silent Partners. Those who take no active part in the management of the business. They may be either ostensible or secret partners. Dormant Partners. Such as are both secret and silent partners. The term_ is sometimes applied, however, as meaning merely a secret partner, and sometimes as meaning a silent partner. Pars. Partn. §31. —

— Nominal Partners. Such as are apparently partners, but really are not. General Partners. Those members of a limited partnership whose liability is not limited by special agreement. Special Partners. Those members of a limited partnership whose liability is limited. See "Partnership." Shumaker, Partnership, 124.

A member of a copartnership or firm; one who has united with others to form a partnership in business. See Partnership.

— Dormant partners. Those whose names are not known or do not appear as partners, but who nevertheless are silent partners, and partake of the profits, and thereby become partners, either absolutely to all intents and purposes, or at nil evenis in respect to third parties. Dormant partners, in strictness of language, mean those who are merely passive in the firm, whether known or unknown, in contradistinction to those who are active and conduct the business of the firm, as principals. See Story, Partn. § 80; Rowland v. Estes, 190 Pa. Ill, 42 Atl. 528; National Bank of Salem v. Thomas, 47 N. Y. 15; Metcalf v. Officer (C. C.) 2 Fed. 640; Pooley v. Driver, 5 Ch. Div. 458; Jones v. Fegely, 4 Phila. (Pa.) 1.

— Liquidating partner. The partner who,'upon the dissolution or insolvency of the firm, is appointed to settle its accounts, collect assets, adjust claims, and pay debts.

— Nominal partner. One whose name appears in connection with the business as a member of the firm, but who has no real interest in it.

— Ostensible partner. One whose name appears to the world as such, or who is held out to ali persons having dealings with the firm in the character of a partner, whether or not he has any real interest in the firm. Civ. Code Ga. § 1889.

— Quasi partners. Partners of lands, goods, or chattels who are not actual partners are sometimes so calied. Poth. de Sociate, App. no. 184,

— Silent partner, sleeping partner. Popular names for dormant partners or special partners.

— Special partner. A member of a limited partnership, who furnishes certain funds to the common stock, and whose liability extends no further than the fund furnished. A parther whose responsibility is restricted to the amount of his investment. 3 Kent, Comm. 34.

— Surviving partner. The partner who, on the dissolution of the firm by the death of his copartner, occupies the position of a trustee to settle up its affairs.

A member of a partnership. Partnership or copartnership. A persons, to place their money, effects, of them, in lawful commerce or and bear the loss in certain proportions.