In business, a partner refers to an individual who cooperates with other individuals to form a company through various means. This could be by funding the organization, providing ideas on business structure and strategy as well as providing services such as management. Typically, business partners tend to own a portion of the business, and so gain from the profits that the business accrues.
A partner can also refer to a business entity which joins forces with one or more businesses in order to form a conglomerate for specific reasons. Some of these include working on very complicated projects, to gain more market share or to comply with certain state or federal regulations. In this instance, the partnership can either be permanent, or span a specific amount of time depending on the purposes of the partnership.
Whatever the reason for partnership, it is usually necessary to declare the roles of each of the partners, as well as what they are entitled to. This is usually done by signing agreements which contain details of the partnership. To avoid legal tussles in future, such partnership agreements need to be as detailed as possible, which means covering all potential areas of conflict.
Legal representation is often required before getting into a partnership, particularly in the case of existing businesses. In such cases, the role of the lawyer would be to examine the process of partnering, and to come up with the requisite agreements that will need to be signed by both parties. In addition to that, they can also play an advisory role.