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LSDefine

Simple English definitions for legal terms

aggregate theory of partnership

Read a random definition: contra pietatem

A quick definition of aggregate theory of partnership:

The aggregate theory of partnership is the idea that a partnership is not its own separate thing like a company, but is instead just all the people who are partners in it. This is different from the entity theory of partnership, which says that a partnership is its own legal entity.

A more thorough explanation:

The aggregate theory of partnership is a legal concept that states that a partnership does not have a separate legal existence like a corporation. Instead, it is only the sum of the partners who make it up. This means that the partnership is not considered a separate entity from its owners.

For example, if two people decide to start a business together and form a partnership, the partnership is not considered a separate legal entity. Instead, the partnership is simply the two individuals working together to run the business. If the partnership were to be sued, the partners would be personally liable for any damages or debts incurred by the partnership.

Another example would be if a group of doctors decided to form a medical practice together. The partnership would not be considered a separate legal entity, but rather the group of doctors working together to provide medical services.

The aggregate theory of partnership is important to understand because it affects the way partnerships are taxed and how liability is determined. Partnerships are typically taxed as pass-through entities, meaning that the profits and losses of the partnership are passed through to the individual partners and taxed at their personal tax rates. Additionally, because the partnership is not considered a separate legal entity, the partners are personally liable for any debts or legal issues that arise.

aggregate supply | aggregatio mentium

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General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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