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Simple English definitions for legal terms
copartnership
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A quick definition of copartnership:
Term: Copartnership
Definition: A copartnership is the same as a partnership, which is a business arrangement where two or more people work together to run a company and share the profits and losses. The term copartnership has been used since the 1570s.
A more thorough explanation:
Definition: A type of business organization where two or more people share ownership and responsibility for the company.
Example: John and Jane decide to start a bakery together. They form a copartnership and share the profits and losses of the business equally.
This example illustrates how copartnership involves shared ownership and responsibility for a business venture.