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LSDefine

Simple English definitions for legal terms

copartner

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A quick definition of copartner:

A co-partner is someone who invests in a business with others. When people come together to start a business and share the profits, they become co-partners. This can be an individual, a company, or a nonprofit organization. Co-partners can have different roles in the business, and the type of business they have determines their liability. Some businesses offer more protection from debts than others. Co-partners can also get a tax deduction on their income.

A more thorough explanation:

A copartner is an investor in a partnership. This means that they contribute money or property to a business that is owned and operated by two or more people. According to the Uniform Partnership Act, if a person receives a share of the profits of a business, they are generally considered to be a partner in that business.

For example, if two friends decide to start a business together and one friend invests $10,000 while the other friend invests $5,000, they are both copartners in the business. They will share in the profits and losses of the business, and they will both have a say in how the business is run.

Copartners can play different roles in a limited liability company (LLC) or limited liability partnership (LLP). In an LLC, copartners have stronger liability protection, which means that they are not personally responsible for the debts of the business. In an LLP, copartners may have to take personal responsibility for the debts of the business, but only to the extent of their own negligence.

For example, if a copartner in an LLP is sued for negligence, they may be personally responsible for any damages awarded to the plaintiff. However, if another copartner was responsible for the negligence, the first copartner would not be held personally responsible for the damages.

Overall, copartners are important investors in partnerships who share in the profits and losses of a business. They may have different levels of liability protection depending on the type of partnership they are involved in.

coparcenary | copy

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18:21
wasp is wasp
18:21
knows how be rich and demand shit lmfao
i am atheist not protestant
18:22
same thing tho ya? - catholic
BulbasaurNoLikeCardio
18:23
Ill just keep arguing for more money off until I get it or they end up paying me to take it lmao
18:24
what other guns ya got
are we losing hope for gtown lol
yeah i dont think gtown does A's this late unfortunately
18:25
it is like 630 on a friday there bud
18:25
think it is safe to say it aint happenin today\
damn it was a slow day today
BulbasaurNoLikeCardio
18:26
I got a custom built Leftie ar15 I run suppressed, a regular ar15, a .270 axis savage bolt gun, xd9, xd40 and have my AR10 I run suppressed.
BulbasaurNoLikeCardio
18:26
I do not think we will see a wave until after thanksgiving. Adcoms will be nice and not ruin someones thanksgiving with an R
18:28
ruin my thanksgiving law schools uwu
PerpetualCheerfulBeaver
18:53
I really thought a texas schools wave was going to hit today...guess it will be December 1
7Rings
19:00
No news is good news 😜
PerpetualCheerfulBeaver
19:10
the mentality im embracing
ClassyPleasantHeron
19:23
You will see some A waves next week, just before Thanksgiving. Schools like to give people things to talk about over the holidays.
19:26
my predict monday berk from earlier td
snow
19:33
Oregon decision rendered…
snow
19:33
Bro why don’t they just tell me lol
damn ive been under review for a month and no movement, when did u apply snow?
snow
19:39
The day apps opened. I still don’t know what the decision is tho lol
Dang. Crossing my fingers for you!!
snow
19:41
Thank you!!
shaquilleoatmeal
19:44
Snow dude wtf you been
snow
19:46
Working! I was prepping for a trial but it got reset!
snow
19:47
Have you don your gulc interview?
JumpySubsequentDolphin
19:47
@snow: snow!!!! I’m in Oregon should I break into admissions office and demand your decision be sent
shaquilleoatmeal
19:49
Better to be prepared than not, otherwise it always happens when you don’t prep
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