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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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JumpySubsequentDolphin
23:31
tusbihun ‘ala khair
HELLO ALL
whos awake \
JumpySubsequentDolphin
23:42
hi SPLITTY!!!
HIII DOLPHYY
stanford finally sent me a status checker tomight
do yall know if "Your file has been submitted for review" just means under review
Dkk
0:08
@SplitterusClitterus: really depends on the school. Could mean they have just received it. Could be it is under review. Could mean they already have a decision for you. For Stanford, idk.
Mmm ok thank you
JumpySubsequentDolphin
1:19
my friend JUST sent me that omg
JumpySubsequentDolphin
1:19
also @renard that shows your IG handle
JumpySubsequentDolphin
1:20
I assume you don’t want to doxx yourself 😧
JumpySubsequentDolphin
1:20
if we send enough messages it will stop showing the message tho!!!!!!!!
JumpySubsequentDolphin
1:21
@renard99: come back and spam messages I only have so many left 😔
JumpySubsequentDolphin
1:23
. . .
Dkk
1:49
@renard99: you shared a post a good friend of mine had liked. Lmfao but respect +1
Dkk
1:49
I laughed at it too +1
1:50
Damn lol
1:50
Follow me brah
JumpySubsequentDolphin
2:01
I followed you
JumpySubsequentDolphin
2:01
don’t dox me ☹️
2:06
Nw I won’t dox you 😎
JumpySubsequentDolphin
2:07
don’t judge my feed either I’m bad at Instagram :/
3:17
has anyone here worked for a DAs office during the school year
3:43
LMFAOOO THE INSTAGRAM POST
m10
3:50
I have no idea how it shows his Insta handle. This makes me an old man.
Dkk
3:52
i think you all are just bullshitting
Dkk
3:54
Y'all are gay af.
Dkk
3:54
Making drama out of nothing like a buncha homosexuals.
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