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Simple English definitions for legal terms

limited partnership

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A quick definition of limited partnership:

A limited partnership is a type of partnership where some partners have limited liability, which means they are not personally responsible for the debts and obligations of the partnership. This is different from a general partnership where all partners are personally liable. Limited partnerships have been around for a long time and are used to allow some people to invest in a partnership without worrying about what other partners might do. The general partners are the ones who make the decisions and run the partnership, while the limited partners usually just invest money. Limited partnerships have to be registered with the state and are governed by a partnership agreement that the partners create.

A more thorough explanation:

A limited partnership is a type of partnership where some partners have limited personal liability. In a general partnership, all partners are personally liable for the debts and obligations of the partnership. However, in a limited partnership, at least one partner has unlimited personal liability while the liability of the other partners is limited to their contribution to the partnership.

John and Jane want to start a business together. John has experience in managing a business, while Jane has money to invest. They decide to form a limited partnership where John is the general partner and Jane is the limited partner. John will manage the business and make all the decisions, while Jane will only provide the money and won't be involved in the day-to-day operations. If the business incurs any debts or obligations, John will be personally liable for them, but Jane's liability will be limited to the amount of money she invested.

This example illustrates how a limited partnership allows one partner to invest in a business without risking their personal assets.

Unlike general partnerships, a limited partnership must be registered with the appropriate state agency, and the partnership agreement governs the operations of the partnership. The general partner manages the partnership, while the limited partner has limited involvement in decision-making.

Overall, a limited partnership provides a way for investors to passively invest in a business without worrying about personal liability.

limited liability partnership (LLP) | limited personal liability

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OvertReconditeSpider
18:20
If that person doesnt have 10k however, could be outta luck
yeah i think it comes down to literally not having 10k to blow
OvertReconditeSpider
18:20
Oof
OvertReconditeSpider
18:20
Skill issue
OvertReconditeSpider
18:21
Jk even if i had it. I wouldnt spend 10k just to get out of a lease to switch schools
MightyUnableSphinx
18:29
@menherachan: You should say that to GULC
MightyUnableSphinx
18:30
I mean fuck it right. Like, maybe they can help somehow. Probably they can't but if the alternative is "i dont go to gulc" who cares
MightyUnableSphinx
18:30
Idk I doubt they can give you 10k cash, lmao, but who knows!
Others will disagree, but max out a credit card if you have to do so.
It's 10K. Not 100K.
OvertReconditeSpider
19:29
10K at 21.51% interest. Lol
19:47
Yeah I would definitely disagree. Without family help when could they realistically pay that off?
20:18
If someone can live below the student budget at GULC loans could cover an extra $10K, but Grad PLUS loans still amount to $2 in repayment for every $1 borrowed on a 10-year plan at current interest rates. Not a choice to make lightly.
OvertReconditeSpider
20:19
^
OvertReconditeSpider
20:19
The rates on the stafford loans are garbage too
manifestmoreadmissions
21:59
yeah its not the worst decision and im sure you could find solutions to any problems it might create but idk if it's like a no-brainer
MightyUnableSphinx
0:11
Apply for new credit card w/ 12 month 0% APR intro offer -> Max out card to 10k to get out of lease -> Go to GULC
MightyUnableSphinx
0:11
You now have 12mths to pay back 10k with no interest
MightyUnableSphinx
0:14
If you have decent credit history/credit score i bet the starting balance will be like 15-25k
MightyUnableSphinx
0:14
im actually cooking right now wtf this advice is so good. do not blow up your plan in life because of a fkn lease agreement
1:39
Excuse me everyone. Sorry. I'm planning to take lsat but I see so many different types of textbooks and categories on the market, which books should I start with for a rookie like me? Thanks a lot!
loophole
for LR
1:42
Sincere thanks, with my respect :)
power score bible for logic games
@Coolperson49494: yeah but i physically cant get 10k in less than a month :(
it would take me like 6 months to get 10k
i agree that gulc is worth it for me, but i just do not have the means of upending all my plans and moving to dc
@MightyUnableSphinx: i cant pay back 10k with no job, and i'm already 5k in debt. i just do not have the means to attend gulc 😭😭
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