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LSDefine

Simple English definitions for legal terms

limited partnership

Read a random definition: Register

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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ParallelAgreeableOrangutan
22:02
tbh kinda losing my mind, I'm visiting my parents in my childhood home and whenever I do this I remember why I never do this aahhaha
ParallelAgreeableOrangutan
22:02
My dog likes it here tho
ParallelAgreeableOrangutan
22:02
How are youuuuu?
llama
22:26
@ParallelAgreeableOrangutan: Deep/tough. Feels. Im well working on a project so im happy :)
NemoPropheta
22:28
should i hit the dmt pen in the sauna and meet god
ParallelAgreeableOrangutan
22:31
Ooh what kind of project? Work, passion, neither, both?
ParallelAgreeableOrangutan
22:31
@NemoPropheta: do it do it
NemoPropheta
22:37
alright day before my lsat ill hit a blinker in the sauna and become one with the test
llama
22:47
@ParallelAgreeableOrangutan: law school data so just passion.
llama
22:47
@NemoPropheta: noo they drug test before the LSAT! U will get flagged!
ParallelAgreeableOrangutan
23:19
I'm intrigued llama
ParallelAgreeableOrangutan
23:21
Holdddddup all that number crunching on your lsd profile is your work? Damn
ParallelAgreeableOrangutan
23:21
I don't visit y'all's profiles enough, clearly
NarrowFaithfulCougar
0:22
@NemoPropheta: Ahh yeah, the Sauna. That's some good Nordic shit. Beats the hot tub hands down. Plus everyone is naked.
llama
1:23
@ParallelAgreeableOrangutan: got that weaponized autism in gear, we out here.
RasheedWallaceFan
12:52
@llama: your cycle confuses me, your stats are good and you applied early but all of those Rs? Is there anything weird about your app?
RasheedWallaceFan
12:53
do you have C&F issues or something?
RasheedWallaceFan
12:55
also ur first choice is kansas but you didnt apply there?
llama
12:55
@RasheedWallaceFan: Hi. Yes, I waited for April LSAT, put almost all apps (which were sent really early) so that basically most of my apps were reviewed In May. Shot myself in the foot for 155 -> 161 lmao. Would not recommend 10/10
llama
12:57
@RasheedWallaceFan: unironically, KSLS was my top choice, however by April LSAT their app had closed. It was like waiting to date ur dream partner, but waiting until you graduate uni, then by the time u graduate uni, your soul mate is already married with 2.4 kids and 1.6 dogs. Heartbreak.exe fr fr
NemoPropheta
12:58
are you R&Ring?
llama
13:00
No, I think what I will do is flip a coin: heds NKU, tails NEL|B what u guys think bout dat. Then once 1L - if good at LS, try to transfer, if bad at LS or one of my grandiose ideas/inventions are viable, drop out and pursue.
RasheedWallaceFan
13:10
oh so you submitted the apps with a lower lsat and then retook
RasheedWallaceFan
13:10
got it
Bettercaulsaul
13:33
Most schools will hold your application for the next test score to be released into your account as well. I was notified by an admissions director that if a decision is processed they will not retroactively go back for the new score even if higher
ParallelAgreeableOrangutan
13:34
I vote NEL-Boston so we can be friends :D
ParallelAgreeableOrangutan
13:34
But it says you withdrew?? :(
ParallelAgreeableOrangutan
13:41
@Bettercaulsaul: in my experience, there is often an option on the application for you to choose whether you'd like them to review your application as-is ASAP or hold it until your new score is released. but it probably varies by school—I just remember seeing that option on at least a few app forms
llama
2:21
While I am unsure of what option you are referring to, I personally just emailed each school and asked for them to hold my app pending my lsat score release.
llama
2:22
Sorry WNE = Western New England not NEL|B
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