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LSDefine

Simple English definitions for legal terms

partnership association

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A quick definition of partnership association:

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 more thorough explanation:

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.

partnership agreement | partnership at will

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babycat
17:10
I don’t use discord and you guys can’t make me
17:11
I do not believe you bunny
babycat
17:11
I am a woman and I don’t play video games and I’m not a pedophile
babycat
17:11
Why would I have discord?
17:11
is gen zalpha skype?
Dkk
17:11
I got to use Discord for crypto. The only reason I would use it with y'all is to plauy wizard101
babycat
17:11
And I don’t have crypto
Dkk
17:11
No, I do not know @jackfrost so I will not marry.
17:12
Last cycle there was tons of admitted student discords
17:12
and study group ones
Dkk
17:12
@babycat: you got wizard 101?
awww it's ok dkk :(
Dkk
17:12
:)
babycat
17:12
@EvolBunny: yeah and some guy supposedly got kicked out of cornell for saying racial slurs in the admitted students discord
17:12
@Dkk: okay now we know you are not indian
17:13
@babycat: only a fool would do something like that lol why your actual name is connected and associated with the school!
babycat
17:13
I don’t know what wizard101 is sorry
babycat
17:13
@EvolBunny: yeah lol you gotta be a brand new kind of stupid for that
17:13
Like i imagine balls and horseymeds are some of the kindest people irl lol
17:14
in a professional setting
babycat
17:14
Balls is my buddy and I love him but he literally does say slurs out on the street
babycat
17:14
Not in a professional setting though
17:14
But does he at work and around school settings?
17:14
Or only wit his homies in his time
Dkk
17:14
Thank you @EvolBunny
babycat
17:14
Yeah and he buys me margaritas :)
babycat
17:15
Idk about horsey that guy seems like a freak
17:15
He is an arsehole but he is your asshole
1a2b3c4d26z
17:15
Would kill for a marg
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