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LSDefine

Simple English definitions for legal terms

title member

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A quick definition of title member:

A title member is a person whose name appears in the name of a partnership. They are also known as a named partner. A partnership is a business where two or more people work together and share the profits and risks. There are different types of partners, such as a general partner who is responsible for the partnership's debts and a limited partner who only receives profits but does not manage the business. A title member is important because their name is part of the partnership's identity.

A more thorough explanation:

A title member is a partner whose name appears in the name of the partnership. For example, Mr. Tibbs is a title member in the accounting firm of Gibbs & Tibbs.

This means that the partner has a significant role in the partnership and is responsible for the business's profits and losses. They also share the risks and benefits of the venture with other partners.

Other types of partners include:

  • General partner: A partner who takes part in the daily operations of the business, shares in the profits and losses, and is personally responsible for the partnership's debts and liabilities.
  • Limited partner: A partner who receives profits from the business but does not take part in managing the business and is not liable for any amount greater than their original investment.
  • Silent partner: A partner who shares in the profits but has no active voice in management of the firm and whose existence is often not publicly disclosed.

For example, a limited partner may invest money in a business but not have any say in how the business is run. A silent partner may invest money and share in the profits, but their involvement in the business is kept secret.

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windyMagician
19:23
it doesn't hurt its just tingly
Dkk
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It needs more alcohol. You tingle when your nerves need watering.
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windyMagician
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I'm sober lol
Dkk
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Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
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jackfrost11770
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nope dk
CynicalOops
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Calvinamala Harris
jackfrost11770
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should i start using letterboxed again
Dkk
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@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
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I will take In N Out everyday over it when I can though.
texaslawhopefully
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In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
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Indeed, indeed.
BulbasaurNoLikeCardio
7:51
@texaslawhopefully: best prices and only fast food that doesn't make me sick
matt gaetz ethics report released
paid for sex with a junior in high school
guarantee people still defend him
BulbasaurNoLikeCardio
9:51
I only read headlines and skimmed a random article of it since I am the only one at work this week. Seems like he is Republican Hunter Biden but not at the paying rent with poop paintings stage
ImpartialLion
9:55
Sent in my transcript at 6 am today and it’s processing. Think it will be processed before lsac closes tmrw?
BulbasaurNoLikeCardio
9:58
I would say it is a toss up, for how much LSAC charges us for everything they are extremely efficient in processing and sending stuff out BUT with a 30% uptake in applicants and the holidays it may be significantly slower unless it is ran through and processed by a computer program. Even if it takes them longer to process it, not like there is anyone at a school to request and review it after LSAC does their thing
Do we know if any of the t14 open at all this week
just called Fordham. they said there will be decisions going out today
so congratulations on pre xmas waves
BulbasaurNoLikeCardio
10:27
Hope schools are chill and just send As leaving the Rs for next month lol
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