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Simple English definitions for legal terms

Partnership

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A quick definition of Partnership:

A partnership is a type of business where two or more people work together to make money. They share the profits and control of the business. This means that if the business owes money, all partners are responsible for paying it back. Each state has its own rules for partnerships, but they usually look at things like how much money each partner put in, who makes decisions, and who gets the profits. Partnerships are not taxed as a separate business, but each partner has to pay taxes on their share of the profits.

A more thorough explanation:

A partnership is a type of business where two or more people work together to make a profit. The people in a partnership share the profits and control of the business. They are also responsible for any debts the business has.

To create a partnership, the people involved usually sign a contract. This contract can be written or just agreed upon verbally. The contract should include details about how the profits will be shared and how the business will be run.

Two friends decide to start a business selling handmade jewelry. They agree to split the profits 50/50 and both have equal say in how the business is run. They sign a contract to make their partnership official.

For tax purposes, a partnership is not taxed as a separate entity. Instead, the profits are divided among the partners and each partner pays taxes on their share.

In the jewelry business partnership, if they make a profit of $10,000, each partner would receive $5,000. They would each pay taxes on their $5,000 share.

partner | party

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17:28
if they told me this like 2 weeks ago, i would have not gotten an apt in la yet
17:30
i ideally want a fed govt position in dc, but i dont think i can physcially afford to cancel all my plans to attend :(
that really sucks
Coolperson49494
18:08
10k for the life you want vs a school that prob wont get you there is prob worth
Coolperson49494
18:08
id do it although LA biglaw seems more appealing overall tbh
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 :)
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