Simple English definitions for legal terms
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A partnership association is a type of business that combines the features of a limited partnership and a close corporation. It is only recognized in a few states and is also known as a statutory partnership association or limited partnership association.
A partnership association is a type of business organization that combines the characteristics of a limited partnership and a close corporation. It is only recognized by law in a few states.
For example, in California, a partnership association is a legal entity that allows for limited liability protection for its partners, similar to a limited liability company (LLC). However, it also has the flexibility and tax benefits of a partnership.
Another example is in Texas, where a partnership association is a hybrid entity that combines the limited liability protection of a corporation with the tax benefits of a partnership.
These examples illustrate how a partnership association can provide the benefits of both a limited partnership and a close corporation, while also offering unique advantages depending on the state in which it is formed.