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LSDefine

Simple English definitions for legal terms

community of profits

Read a random definition: contract rate

A quick definition of community of profits:

Community of Profits: When people come together to start a business, they become partners. Partners have the right to share in the profits that the business makes. This means that if the business makes money, the partners will all get a share of it. It's like sharing a pizza with your friends - everyone gets a slice!

A more thorough explanation:

Community of profits refers to the right of partners to share in the profits of a partnership. This means that when a partnership makes money, the partners are entitled to a portion of those profits based on their agreed upon percentage of ownership.

For example, if two partners own a business and agree to split profits equally, each partner would receive 50% of the profits. If the business makes $100,000 in profits, each partner would receive $50,000.

Another example would be if three partners own a business and agree to split profits based on their percentage of ownership. If one partner owns 40%, another owns 30%, and the third owns 30%, the profits would be split accordingly. If the business makes $100,000 in profits, the first partner would receive $40,000, the second partner would receive $30,000, and the third partner would receive $30,000.

These examples illustrate how community of profits works in a partnership. It ensures that each partner is fairly compensated for their contribution to the business and incentivizes them to work together to maximize profits.

community of interest | Community patent

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12:08
not to be that guy again but berkeley person/applicant id is back and Shiny New Logo
be that guy
EW THE NEW LOGO IS SO UGLY
WTF
12:09
need to send in my berkeley app rawwwww
BulbasaurNoLikeCardio
12:09
@ChowieBean: should be required to tell them, the schools who asked I only told them the schools in their area not all of them.
BulbasaurNoLikeCardio
12:10
*shouldnt be
12:12
@jackfrost11770: if i get a berk A today and they have that logo im withdrawing (/s /s /s /j /j /j)
babycat
12:12
@ChowieBean: me too lol. you applying to public interest scholars program?
12:14
yes def applying public interest
12:16
i was raised like blocks away from umiami
12:16
idk if i wanna go back to florida tho so im applying there as safety/target 💀
12:25
@ChowieBean: doing the same thing
Does anyone think au gonna get back to us today
My app was complete Oct 11
If yes what time
Dkk
12:29
Sure, yes! 11:22:24 PST
ClassyPleasantHeron
12:30
I wonder if Berk was updating their system so that they could watch more video.
1a2b3c4d26z
12:41
They updated it so they could watch my video one trillion times
brookyln law portal just added person id and application id for me, what does it mean??
Dkk
12:52
@VolatileClumsyAcolyte: well someone got an A so maybe an A
just checked the reddit, apparently it means nothing..
HAPPY FRIDAY HAPPY UCLA DAY
what time would they release cuz west coast
BulbasaurNoLikeCardio
12:54
I hate that Vanderbilts portal gives no status
HopefullyInLawSchool
12:54
@VolatileClumsyAcolyte: did you apply YM to Brooklyn?
JumpySubsequentDolphin
12:57
@SplitterusClitterus: THEY BETTER HAVE AN A WAVE TODAYYY
glovediedthisishismom
12:57
kendrick lamar
glovediedthisishismom
12:57
album
JumpySubsequentDolphin
12:57
I think usually they release at like 1ish?
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