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Simple English definitions for legal terms

entity theory of partnership

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A quick definition of entity theory of partnership:

The entity theory of partnership is the idea that a partnership is like a separate person with its own legal existence, separate from the people who are in the partnership. This means that the partnership can enter into contracts, own property, and be sued, just like a person can. This theory is recognized by the Uniform Partnership Act, which is a law that helps regulate partnerships.

A more thorough explanation:

The entity theory of partnership is the belief that a partnership is a separate legal entity from the individuals who make it up. This means that the partnership can enter into contracts, own property, and sue or be sued in its own name.

For example, if two people start a business together as a partnership, the partnership itself is considered a separate entity from the two individuals. This means that the partnership can take out a loan or sign a lease in its own name, rather than in the names of the partners.

Another example would be if a partnership is sued for breach of contract. The lawsuit would be filed against the partnership, not against the individual partners. This protects the personal assets of the partners from being seized to satisfy the judgment.

The entity theory of partnership is recognized under the Uniform Partnership Act, which is a set of laws that govern partnerships in the United States.

entity assumption | entrebat

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14:28
no
WorthlessAttractiveZombie
14:28
fuck alright
14:28
not this week
14:28
dont even get ur hopes up u fool im from the year 2076
TheMidwestMonger
14:28
I'm terrified with how the world will react to Trump losing
WorthlessAttractiveZombie
14:28
damn, next question: should i eat the cheese that's been in my fridge for 3 weeks?
14:28
im pretty sure the world is gonna rejoice??
14:29
yes it is the key to immortality
TheMidwestMonger
14:29
Sorry, I meant the far right and their reaction lol
I live in alabama if she wins it's gonna be crazy here
14:30
same as last time whine that it was rigged go to court lose every time
good thing im bouncing next year
oh yeah
JumpySubsequentDolphin
14:31
why won’t ASU send my scholly info ☹️
WorthlessAttractiveZombie
14:31
they sent mine about 3 hours after i got the initial acceptance video thing
I just wanna hear back from them
14:31
the adcomm office got there at 10 am took a two hour lunch at 12 and left at 3:30 -- trust me im from the year 2076
lol
WorthlessAttractiveZombie
14:32
lavender, they should usually get back within a month of going complete
okie doke, thank u!
JumpySubsequentDolphin
14:35
@WorthlessAttractiveZombie: good to know! I thought I missed SMTH bc someone told me they got their admissions packet before the video lol
BulbasaurNoLikeCardio
14:35
I got school that have me under review for over a month... just hope it puts me in their first wave of As
TackyProudYogurt
14:39
Anyone know if asu releases decisions all at once or if they trickle out throughout the day?
WorthlessAttractiveZombie
14:39
I'm pretty sure it's a trickle because they send you a personalized video too
TackyProudYogurt
14:40
Ah okay so I do need to continue refreshing my email every 10 seconds
WorthlessAttractiveZombie
14:40
I would say potentially. I received my email/video around noon eastern time, and I've seen people get it past 5pm eastern
coolgirl
14:40
Does anyone know if pending decision means I’ll get a response soon? My status changed
WorthlessAttractiveZombie
14:41
oooh which school?
TheMidwestMonger
14:42
^^
BulbasaurNoLikeCardio
14:42
@coolgirl: does it say that on the lawhub portal? My one A this cycle it said pending decision on their applicant portal and that they will email me in 24hrs the results.
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