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Simple English definitions for legal terms

equity of partners

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A quick definition of equity of partners:

Equity of partners: This means that each partner in a business has the right to use the business's property to pay off any debts the business owes. It's like everyone gets a fair share of the things the business owns to help pay for what the business owes.

A more thorough explanation:

Definition: Equity of partners refers to the right of each partner in a business to have the firm's property applied to the firm's debts. This means that if the business owes money, each partner is responsible for paying a portion of that debt based on their ownership percentage in the business.

Example: Let's say that a partnership owns a building that is worth $500,000 and the partnership owes $100,000 in debt. If there are two partners in the business, each with a 50% ownership stake, then each partner would be responsible for paying $50,000 of the debt. This is because each partner has an equal share in the business and therefore an equal responsibility for its debts.

Another example: If a partnership owns a fleet of delivery trucks and the business goes bankrupt, the equity of partners would come into play. The value of the trucks would be used to pay off the business's debts, and each partner would be responsible for a portion of that debt based on their ownership percentage in the business.

Overall, the equity of partners ensures that each partner in a business is responsible for their fair share of the business's debts and obligations.

equity of exoneration | equity of subrogation

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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.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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