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LSDefine

Simple English definitions for legal terms

continuation agreement

Read a random definition: cotenants

A quick definition of continuation agreement:

A continuation agreement is a contract between business partners that allows the business to continue operating even if the partnership dissolves. This means that the partners can avoid the process of liquidating the business. The agreement may also include provisions for buying out the interest of a partner who dies or is expelled from the partnership, but this is not always required. Courts have enforced continuation agreements even if the estate of a deceased partner receives nothing.

A more thorough explanation:

A continuation agreement is a legal agreement made among partners in a partnership that allows the business to continue operating without the need for liquidation in the event of dissolution. This agreement is usually made to ensure that the business can continue even if one or more partners leave the partnership.

For example, if a partnership has three partners and one partner decides to leave, the continuation agreement will allow the remaining partners to continue operating the business without having to dissolve the partnership and sell off its assets.

Continuation agreements may also include provisions for purchasing the interest of a deceased or expelled partner. However, this provision is not always necessary, and courts have enforced agreements that give the estate of the deceased partner nothing.

Overall, a continuation agreement is an important legal document that helps ensure the continuity of a partnership's business operations in the event of dissolution or the departure of one or more partners.

continuation | continuation application

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TGM
18:40
I actually do have a transcript issue that registrar needs to resolve, should I say that
TGM
18:41
(Course marked as Incomplete that’s supposed to be removed)
TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
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?
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