Simple English definitions for legal terms
Read a random definition: pro per
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:
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.