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LSDefine

Simple English definitions for legal terms

partner's lien

Read a random definition: trust protector

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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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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