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LSDefine

Simple English definitions for legal terms

Partnership

Read a random definition: Computer Matching and Privacy Protection Act of 1988

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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dasfi0990ut1
15:13
Did you include your MOS/ discharge rank?
dasfi0990ut1
15:14
I personally linked a thirst trap IG for those lonely adcoms. You do you, ymmv obi.
U-Hawaii-Jason-Momoa-Law
15:16
@dasfi0990ut1: I included my 3 honorables with my 3 different jobs on my resume. I did not put rank anywhere unless they asked for it on the app.
TGM
15:17
Just out of curiosity, is yield protection at a t6 real, or do schools in that tier not do it?
U-Hawaii-Jason-Momoa-Law
15:17
Half the law schools I applied to don't know the rank I was in the military and it shouldn't be considered. All service is equal to the military even if in reality that is not enforced.
dasfi0990ut1
15:17
@U-Hawaii-Jason-Momoa-Law: Awesome! Thank you for serving.
U-Hawaii-Jason-Momoa-Law
15:19
Thanks. I did it all for you.
therealjaysontatum
15:19
what time of day do you guys think schools stop calling
dasfi0990ut1
15:19
@U-Hawaii-Jason-Momoa-Law: That is what my dad said: "I did it all for you, all 30seconds."
therealjaysontatum
15:19
like do they call all day or just for like an hour at noon
dasfi0990ut1
15:20
@therealjaysontatum: It depends. Some am/pm. Some have multiple adcoms, some schools only have a few, so they call all day
therealjaysontatum
15:21
i just wonder what their day looks like on a wednesday when its time to admit people
therealjaysontatum
15:22
unlv is mainly who im asking about, i dont think they have a huge adcom department
GnomeoAndJuliet36
15:22
tatum hope u snap ur leg and they amputate it
GnomeoAndJuliet36
15:23
if thats really u
therealjaysontatum
15:23
its really me
15:23
A FROM UNLV BOYD!
therealjaysontatum
15:23
ive done all i can in the NBA
dasfi0990ut1
15:23
Bull spit! I do not believe.
GnomeoAndJuliet36
15:24
yea u have u should take a pair of scissors and snip each individual ligament in ur knee
dasfi0990ut1
15:24
@U-Hawaii-Jason-Momoa-Law: What happened to my friend? Hey banned :(
therealjaysontatum
15:24
you must be the real joel embiid
GnomeoAndJuliet36
15:24
holy
GnomeoAndJuliet36
15:24
how did u know
BatmanBeyond
15:32
No MVP or Finals MVP
BatmanBeyond
15:32
At least he avoided the Duke Bust label
therealjaysontatum
15:37
got a ring tho
starfishies
15:39
i have decision rendered on bc portal ;-;
therealjaysontatum
15:39
we talking ball now
starfishies
15:39
he really got that ring though
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