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Simple English definitions for legal terms

Owners' agreement

Read a random definition: Clerk of the Pells

A quick definition of Owners' agreement:

An owners' agreement is a contract between the owners of a business that outlines their rights. It's like a set of rules that the owners agree to follow. The agreement can be different depending on the type of business. The most important thing the agreement does is explain who has the power to make decisions and what happens if an owner wants to sell their part of the business. The agreement might also say how disagreements between owners will be solved. It doesn't usually include details about how the business is run day-to-day.

A more thorough explanation:

An owners' agreement is a contract between the owners of a business that outlines their rights and responsibilities. The agreement can vary depending on the type of business, such as a partnership or limited liability company (LLC). The main purpose of an owners' agreement is to define the authority of each owner and how changes in ownership will be handled.

  • A partnership agreement may state that the partnership will dissolve if one of the partners dies or wishes to leave the partnership.
  • An LLC agreement may specify that ownership cannot be sold without the approval of the other owners.
  • The agreement may also outline the voting or control rights of each owner, as well as a method for resolving disputes.

These examples illustrate how an owners' agreement can address important issues related to ownership and management of a business. By defining the rights and responsibilities of each owner, the agreement can help prevent conflicts and ensure that the business operates smoothly.

owner | Ownership

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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.
BulbasaurNoLikeCardio
7:51
@texaslawhopefully: best prices and only fast food that doesn't make me sick
matt gaetz ethics report released
paid for sex with a junior in high school
guarantee people still defend him
BulbasaurNoLikeCardio
9:51
I only read headlines and skimmed a random article of it since I am the only one at work this week. Seems like he is Republican Hunter Biden but not at the paying rent with poop paintings stage
ImpartialLion
9:55
Sent in my transcript at 6 am today and it’s processing. Think it will be processed before lsac closes tmrw?
BulbasaurNoLikeCardio
9:58
I would say it is a toss up, for how much LSAC charges us for everything they are extremely efficient in processing and sending stuff out BUT with a 30% uptake in applicants and the holidays it may be significantly slower unless it is ran through and processed by a computer program. Even if it takes them longer to process it, not like there is anyone at a school to request and review it after LSAC does their thing
Do we know if any of the t14 open at all this week
just called Fordham. they said there will be decisions going out today
so congratulations on pre xmas waves
BulbasaurNoLikeCardio
10:27
Hope schools are chill and just send As leaving the Rs for next month lol
soap
10:49
Fingers crossed for good luck today
BulbasaurNoLikeCardio
10:56
@soap: really hoping to get that UTK call today
11:08
what if instead of a room of one’s own virgina Woolf wrote a cubicle of one’s own
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