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LSDefine

Simple English definitions for legal terms

L.P.

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A quick definition of L.P.:

Term: L.P.

Definition: L.P. stands for limited partnership, which is a type of partnership where there are one or more general partners who manage the business and are personally liable for its debts, and one or more limited partners who invest money but have limited liability. This means that the limited partners are not responsible for the debts of the business beyond the amount of their investment. L.P. is a legal term that is often used in the context of business and finance.

Abbreviation: L.

Related term: Law Reports (L.R.)

A more thorough explanation:

L.P.

L.P. stands for limited partnership, which is a type of partnership where there are one or more general partners who manage the business and are personally liable for its debts, and one or more limited partners who contribute capital but have limited liability.

John and Jane start a business together as a limited partnership. John is the general partner and manages the business, while Jane is a limited partner who contributes money but has no say in how the business is run. If the business incurs debts, John is personally liable for them, but Jane's liability is limited to the amount of money she invested.

Another example could be a real estate investment partnership where one partner is responsible for managing the properties and the other partner contributes money but has limited liability.

The examples illustrate the concept of limited partnership, where there are two types of partners with different levels of liability and responsibility. The general partner has unlimited liability and is responsible for managing the business, while the limited partner has limited liability and is only responsible for the amount of money they invested. This type of partnership is often used in businesses where one partner has expertise in managing the business and the other partner has capital to invest.

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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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