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Simple English definitions for legal terms

partnership at will

Read a random definition: defect of substance

A quick definition of partnership at will:

A partnership is when two or more people own and run a business together to make money. There are different types of partnerships, like a general partnership where everyone is equal, or a limited partnership where some people only invest money and don't help run the business. A partnership at will means that any partner can leave at any time without getting in trouble. A partnership by estoppel happens when someone acts like they're a partner, even if they're not officially one.

A more thorough explanation:

A partnership at will is a type of partnership where any partner can dissolve the partnership at any time without incurring liability. This means that the partnership does not have a specific duration or end date, and can be dissolved by any partner at any time.

For example, if two friends decide to start a business together and form a partnership at will, either friend can decide to end the partnership at any time without facing any legal consequences.

This type of partnership is different from a partnership for a term, which has a specific duration or end date. In a partnership for a term, a partner who ends the partnership before the specified end date may be held liable for breaching the partnership agreement.

partnership association | partnership certificate

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

GreyCeaselessMammoth

9:43

ollie we support you

GreyCeaselessMammoth

9:43

change your name to olliewillgotoUChicago?

KnowledgeableRitzyWasp

9:43

ollie you need better stats than that to go to harvard :(

lilypadfrog

9:44

uchicago famously hates low gpas

GreyCeaselessMammoth

9:44

olliewillgotoUpenn

GreyCeaselessMammoth

9:44

i think he has good chances there

Mostlylegal

9:44

upenn famously hates high lsats

GreyCeaselessMammoth

9:45

https://www.lsd.law/users/creep/UselessPlasticWarthog

GreyCeaselessMammoth

9:45

ollie blueprint

cumsock

9:45

do you think about the days when we sat down smoking wine and drinking haze

PuppyBot

9:48

morninh

cumsock

9:48

i wanna quit my jorb

cumsock

9:49

and ride the rails

BulbasaurNoLikeCardio

9:49

@cumsock: same and not cause it sucks, I love who I work with/for and it is super easy but I am trying to save a lot of LS so I can ball out while unemployed

BulbasaurNoLikeCardio

9:50

How much is everyone trying to save up for when they get to school?

shaquilleoatmeal

9:51

@PuppyBot: tripppp, u were heavy on my mind last night after the bs in the chat

cumsock

9:51

i plan to be the most frugal mf alive in school

cumsock

9:52

paint chips for dinner

cumsock

9:52

thats what i always eat tho

lilypadfrog

9:52

glove do you want to go dumpster diving with me

cumsock

9:52

yea thats where all the good snacks are

cumsock

9:52

like plastic bags

lilypadfrog

9:53

😋😋😋😋

[] starfishies

9:53

@BulbasaurNoLikeCardio: i didn't think about this until it was too late lol i'll be lucky to save like 7k if that

shaquilleoatmeal

9:54

@BulbasaurNoLikeCardio: saving enough to have mortgage +bills for the first 2 years of law school, figured i can work again after the 2nd year but at least ill give myself the flexibility to focus on school and not bills. A little to the side because life happens and sometimes u need to prepared for hitting rock bottom

BulbasaurNoLikeCardio

9:54

I am trying to be pretty frugal now, looked up the cost to have PODs move my shit and I am like fuck that is a lot. I am trying to squirrel half my monthly income away so I can have a fat amount of cushion

PuppyBot

9:54

@shaquilleoatmeal: how sweet

PuppyBot

9:55

i need to make my matcha

cumsock

9:55

we just need one parlay

BulbasaurNoLikeCardio

9:55

I think my biggest stress will be two mortgages until my current place sells.

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