What is defined as a partner’s share of profits, losses, and management rights?

The term that describes a partner’s share of profits, losses, and management rights in a partnership is termed a "partnership interest." This encompasses not only the financial aspects, such as the allocation of profits and losses among partners based on their contributions or agreements but also extends to the rights related to management and decision-making within the partnership. A partnership interest provides a partner with the ability to participate in the management of the business and to receive distributions based on the partnership's performance.

In contrast, the dissolution of partnership refers to the formal termination of the partnership, removing any expectations of profit, loss sharing, or management rights. Fiduciary duty pertains to the obligations partners owe to one another, including the duty of loyalty and the duty of care, but does not directly define the ownership stake or rights within the partnership. Similarly, buy-sell rights involve agreements on how partnership interests can be bought or sold among partners but again, do not define the broader concept of a partner's overall stake in the partnership. Thus, the concept of partnership interest accurately captures the essence of a partner's rights and entitlements within the partnership structure.