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Simple English definitions for legal terms

equity of partners

Read a random definition: substitution-of-judgment doctrine

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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saw that, crazy that she cant just hold the fucker in for a day longer
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gulc going to hell I’m so serious
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thats definetly horsey on an alt
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no way any professor did that
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thrifted a vintage burberry suit today and feeling unstoppable
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Nice
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im in the field like a defensive lineman im always in saks 💯
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That's awesome
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real ones shop at bergdorf
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real ones shop at YMH
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i missed another fordham wave
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mamas getting denied
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the bergdorf on 5th Ave in NYC is so
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with the emojis
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I shop at Joe
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Joe's
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i shop at tawget
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i shop at giant eagle
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How did i miss Fordham and American’s wave and I applied in september 🙃
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surprised I didnt get straight denied
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they emailed you/
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?
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@HopefullyInLawSchool: Yea, I just got it
i just want a cornell ii :(
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