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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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Just got my Michigan rejection
BookwormBroker
16:10
same
RoaldDahl
16:10
@HopefullyInLawSchool: what if i already got rejected. does it mean anything
HopefullyInLawSchool
16:12
@RoaldDahl: Likely not however it could mean nothing
RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
I've been UR since first/second week of Jan, no updates otherwise, is that a bad sign? At or above median LSAT and above 75th gpa.
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