In an agency or firm, who is the partner?

Question

I'm just asking this one out of curiosity, as I heard it a while ago and haven't been able to find a clear definition. I believe it's a job title, but I'm not positive. Does it just mean part-owner or the company? In terms of power, how does it rank compared the the founder, President/CEO, and/or board of directors?

Answer 1

A partnership has partners and a Board of Partners, possible even a Managing Partner whereas

a corporation has a President, a CEO and a Board Of Directors.

The functions are similar but the titles are different because the titles are given by law and the law is different for partnerships and corporations.