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LSDefine

Simple English definitions for legal terms

law of the partnership

Read a random definition: Market Participant Exception

A quick definition of law of the partnership:

The law of the partnership is a rule that says the agreement made by the partners controls how the partnership works. This means that the partners can decide how they want to run the partnership and what their roles and responsibilities will be. It's like making a plan with your friends for a game or project, where everyone agrees on what they will do and how they will do it.

A more thorough explanation:

Definition: The law of the partnership refers to the rule that the terms and conditions of a partnership are determined by the agreement made between the partners. This means that the partners have the freedom to decide how they will run the partnership, how profits and losses will be shared, and what the roles and responsibilities of each partner will be.

Example: For instance, if two friends decide to start a business together, they can create a partnership agreement that outlines the terms of their partnership. They can decide how much money each partner will contribute to the business, how profits and losses will be shared, and what will happen if one partner wants to leave the partnership.

Another example: Let's say that three people decide to start a restaurant together. They can create a partnership agreement that specifies how much each partner will invest in the business, how profits and losses will be divided, and what the responsibilities of each partner will be. They can also decide how they will make decisions about the restaurant, such as whether they will have equal voting rights or whether one partner will have more say in certain areas.

The law of the partnership gives partners the flexibility to create a partnership that works for them. By agreeing on the terms of their partnership, partners can avoid misunderstandings and conflicts down the line.

Law of The Hague | law of the place

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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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