special partner

noun

Definition of special partner

: a partner who may share in the profits of a general partnership registered under law, who contributes property to the capital thereof but must not exercise control over or be active in partnership affairs, and whose liability for partnership debts providing certain rules of law are observed is limited to his capital and interest in the firm assets

called also limited partner

distinguished from general partner

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Cite this Entry

“Special partner.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/special%20partner. Accessed 5 Dec. 2021.

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