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Simple English definitions for legal terms
nontrading partnership
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A quick definition of nontrading partnership:
A nontrading partnership is when two or more people come together to own and run a business for profit, but they don't buy and sell things. Instead, they work together in a job or occupation. There are many different types of partnerships, like a general partnership where everyone shares equally in the profits and losses, or a limited partnership where some people invest money but don't manage the business. It's important to know what kind of partnership you have so you understand your rights and responsibilities.A more thorough explanation:
A nontrading partnership is a type of partnership where the partners are not involved in buying and selling goods or services, but instead work together in an employment or occupation. This partnership is also known as a noncommercial partnership.
For example, a group of doctors who work together in a medical practice can form a nontrading partnership. They do not buy or sell medical equipment or supplies, but instead provide medical services to their patients.
This type of partnership is different from a trading partnership, which involves buying and selling goods or services. An example of a trading partnership is a retail store that buys and sells clothing.