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LSDefine

Simple English definitions for legal terms

equity of partners

Read a random definition: proprium negotium

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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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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