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Anonymous Posted 16 years ago
Legal Studies
What is a "partner" at a law firm and/or accounting firm ?
Please tell me the general definition of a "partner" in a law firm and/or accounting firm. I am curious about how he/she is chosen as such and if he/she is required to make an investment in the law firm or accounting firm where he/she works.
Top answer
Generally, the partner is a person who is a member of a business association - "partnership" where all partners are jointly and severally liable for debts of the association (unless a form of limited partneship is created). The partner is entitled to act in the name of the partnership and to participate in decision-making process of the partnership. He is also entitled to a share on profit of the firm.
- Generally, the partner is a person who is a member of a business association - "partnership" where all partners are jointly and severally liable for debts of the association (unless a form of limited partneship is created).
- The partner is entitled to act in the name of the partnership and to participate in decision-making process of the partnership.
- He is also entitled to a share on profit of the firm.
- As I reckon (but Anglo-American colleagues) should verify this, the partnerships can create several stages of partners - salaried partners, senior partners, managing partners, to name a few.
- The abovementioned characteristics are modified in case of each of them.
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Generally, the partner is a person who is a member of a business association - "partnership" where all partners are jointly and severally liable for debts of the association (unless a form of limited partneship is created). The partner is entitled to act in the name of the partnership and to participate in decision-making process of the partnership. He is also entitled to a share on profit of the
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