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LSDefine

Simple English definitions for legal terms

special partnership

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A quick definition of special partnership:

A special 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 manage the business. A partnership can also be formed for just one project or for a specific amount of time. If someone pretends to be part of a partnership, they can be held responsible for any debts the partnership owes.

A more thorough explanation:

A special partnership is a type of partnership where two or more individuals jointly own and operate a business for profit. Under the Uniform Partnership Act, a partnership is presumed to exist if the individuals agree to share the business's profits or losses. There are different types of partnerships, including:

  • Limited Partnership: A partnership composed of one or more individuals who control the business and are personally liable for the partnership's debts (called general partners), and one or more individuals who contribute capital and share profits but who cannot manage the business and are liable only for the amount of their contribution (called limited partners).
  • General Partnership: A partnership in which all partners participate fully in running the business and share equally in profits and losses.
  • Family Partnership: A business partnership in which the partners are related.
  • Nontrading Partnership: A partnership that does not buy and sell but instead is a partnership of employment or occupation.

For example, a limited partnership may be formed by a group of investors who want to invest their money in a business without taking an active part in managing the business. The general partners would be responsible for managing the business and would be personally liable for the partnership's debts, while the limited partners would only be liable for the amount of their contribution.

special partner | special permit

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babycat
11:28
yeah it’s insane how much better hip flexor stretches can make you feel sometimes
11:28
Probably the most important long term mobility thing you can do
1a2b3c4d26z
11:28
Pigeon stretch GOAT
1a2b3c4d26z
11:29
Stretching was probably the biggest factor in becoming elite in my sport tbh
1a2b3c4d26z
11:29
well mobility in general
m10
11:29
Nah you wanna be wound up tight like a clock. All your parts working in synchronization, never missing a second.
BulbasaurNoLikeCardio
11:30
When I get home I think I will pull up a youtube yoga video and lay out the mat by the fireplace now, feeling guilty I haven't been stretching properly
1a2b3c4d26z
11:30
tighter you are, more potential energy you have. Your body is a spring. It's just physics
m10
11:30
Exactly.
JumpySubsequentDolphin
11:30
yoga classes stress me out
WorthlessAttractiveZombie
11:31
W&L put their scholarship info on the portal for those who were admitted 11/12
m10
11:31
Gotta always be ready to release that energy. Like if I am in a fight at the bar, I just gotta bust out a couple punches. No stretching.
JumpySubsequentDolphin
11:31
the instructor will be like "forget all of the things that youre stressing about" which reminds me of all of the things im stressing about
BulbasaurNoLikeCardio
11:32
I am too competitive to do yoga classes with other people. Try to stretch better or further then hurt myself lmao I am beyond competitive in anything physical.
babycat
11:32
if you guys all pay me to be your lsat tutor I can afford to do Pilates classes
JumpySubsequentDolphin
11:32
hot yoga was fun
JumpySubsequentDolphin
11:32
i loved barre and pilates when i did them together
m10
11:33
Here's an article from Testosterone nation for all you men out there on why stretching is bullshit. https://archive.t-nation.com/training/stretching-is-b-s/
snow
11:36
M so close to crashing out
BulbasaurNoLikeCardio
11:36
@babycat: If the person I am mentoring decides to listen to my advice instead of just discussing my advice I will pay you to tutor her. You seem like a smart, good and well put together person that she can probably learn well from.
babycat
11:37
Aw that’s so sweet Bulbasaur <3
11:39
@m10: stretching absolutely helps with tight tendons lol
11:39
now kiss
m10
11:40
@EvolBunny: Indeed! I am just riffing. Practicing for when I get into Chicago and do standup there on the weekends and get mad pussy.
11:40
You only do cardio on the weekends ;)
babycat
11:40
@m10: I have a friend that does this but he doesn’t get mad pussy
m10
11:40
I'll work that in! Sounds like a good way to segway.
m10
11:41
@babycat: yeah, well unlike 99.99% of people who do standup I will.
BulbasaurNoLikeCardio
11:41
To do stand up comedy you have to have fat balls, that is awesome
m10
11:41
Woah, I got little balls. Like Adam Friedland. I ain't no Stavros.
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