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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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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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