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Simple English definitions for legal terms
societas universorum bonorum
Read a random definition: equitable
A quick definition of societas universorum bonorum:
Term: SOCIETAS UNIVERSORUM BONORUM
Definition: Societas universorum bonorum was a type of partnership in history where all the partners' property was included in the partnership. This means that everything each partner owned was shared among all the partners in the partnership.
A more thorough explanation:
societas universorum bonorum
An entire partnership that includes all the property of individual partners.
1. John and Jane form a societas universorum bonorum to start a business. They contribute all their personal assets to the partnership, including their savings, property, and investments.
2. In ancient Rome, a societas universorum bonorum was a type of partnership where all partners shared the profits and losses equally, and all their property was considered part of the partnership.
A societas universorum bonorum is a type of partnership where all the property of individual partners is included in the partnership. This means that all partners contribute their personal assets to the partnership, and they share the profits and losses equally. The examples illustrate how partners can form a societas universorum bonorum to start a business or how it was used in ancient Rome.