Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

in commendam

Read a random definition: biotechnology

A quick definition of in commendam:

In commendam is a legal term that means property held in a limited partnership. A partnership is when two or more people own and run a business together for profit. In a limited partnership, some people contribute money but don't manage the business, while others do both. The purpose is to limit the amount of money someone can lose if the business fails. This type of partnership is different from a general partnership, where everyone is equally responsible for the business's debts.

A more thorough explanation:

Definition: In trust. This term is typically used in civil law to refer to property held in a limited partnership. A limited partnership is a type of partnership where there are one or more general partners who control the business and are personally liable for the partnership's debts, and one or more limited partners who contribute capital and share profits but cannot manage the business and are only liable for the amount of their contribution.

Example: John and Jane start a limited partnership to open a restaurant. John is the general partner and manages the restaurant, while Jane is a limited partner who contributes money but does not participate in the management of the business. If the restaurant incurs debts, John is personally liable for them, but Jane is only liable for the amount of money she contributed.

This example illustrates how a limited partnership works and how the term "in commendam" is used to refer to property held in this type of partnership.

income yield | in common

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
Dkk
9:16
@renard99: Poetic and nice.
LSD+ is ad-free, with DMs, discounts, case briefs & more.