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LSDefine

Simple English definitions for legal terms

partner's lien

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A quick definition of partner's lien:

A partner's lien is a legal right that a partner has to use the partnership's property to pay off any debts that the partnership owes. This means that if the partnership owes money, the partner can use the partnership's assets to pay off those debts. Additionally, if a partner is owed money by the partnership, they can deduct that amount from what they would receive for their share of the partnership's profits. Essentially, a partner's lien gives a partner some protection in case the partnership runs into financial trouble.

A more thorough explanation:

A partner's lien is a legal right that allows a partner to use the partnership property to pay off the debts of the partnership. This means that if the partnership owes money to creditors, the partner can use the partnership's assets to pay off those debts.

Additionally, a partner's lien allows a partner to deduct any money owed to the partnership by other partners from their share of the profits. For example, if one partner owes the partnership money, that amount can be deducted from their share of the profits before they receive their payment.

Here's an example: John and Jane are partners in a small business. The business owes $10,000 to a supplier. John has also borrowed $5,000 from the partnership and has not yet paid it back. When the business makes a profit of $20,000, John's share would normally be $10,000 and Jane's share would be $10,000. However, because of the partner's lien, John's $5,000 debt to the partnership would be deducted from his share, leaving him with only $5,000. The remaining $5,000 would be used to pay off the debt to the supplier.

In summary, a partner's lien is a legal right that allows a partner to use the partnership's assets to pay off debts and deduct any money owed to the partnership by other partners from their share of the profits.

partnership insurance | part payment

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this election has the potential to push america further into ultranationalist populism
Dkk
19:42
Maybe, didnt happen last time.
19:42
it was hard to not improve it. google search was terrible due to the ads and seo cheaters with buzz words and alt text
Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
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
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