Partnerships—glossary of terms
Partnerships—glossary of terms

The following Corporate guidance note provides comprehensive and up to date legal information covering:

  • Partnerships—glossary of terms
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Designated member The member of a limited liability partnership designated pursuant to the Limited Liability Partnership Act 2000 who performs certain duties in relation to the legal administration of the LLP that would, for a company, be performed by the secretary or directors.


Equity partner A partner who has a full interest in the business of the partnership and enjoys full rights, including the right to participate in the profits and losses of the partnership and vote on all partnership matters.


Fixed share partner A partner who enjoys a fixed share of partnership profits (but is usually not required to contribute to losses of the partnership) and a limited right to vote on partnership matters.


General dissolution The end of a partnership followed by a winding up of its affairs.