Warning

Info

LSDefine

Simple English definitions for legal terms

special partnership

Read a random definition: filiation

A quick definition of special partnership:

A special partnership is when two or more people own and run a business together to make money. There are different types of partnerships, like a general partnership where everyone is equal, or a limited partnership where some people only invest money and don't manage the business. A partnership can also be formed for just one project or for a specific amount of time. If someone pretends to be part of a partnership, they can be held responsible for any debts the partnership owes.

A more thorough explanation:

A special partnership is a type of partnership where two or more individuals jointly own and operate a business for profit. Under the Uniform Partnership Act, a partnership is presumed to exist if the individuals agree to share the business's profits or losses. There are different types of partnerships, including:

  • Limited Partnership: A partnership composed of one or more individuals who control the business and are personally liable for the partnership's debts (called general partners), and one or more individuals who contribute capital and share profits but who cannot manage the business and are liable only for the amount of their contribution (called limited partners).
  • General Partnership: A partnership in which all partners participate fully in running the business and share equally in profits and losses.
  • Family Partnership: A business partnership in which the partners are related.
  • Nontrading Partnership: A partnership that does not buy and sell but instead is a partnership of employment or occupation.

For example, a limited partnership may be formed by a group of investors who want to invest their money in a business without taking an active part in managing the business. The general partners would be responsible for managing the business and would be personally liable for the partnership's debts, while the limited partners would only be liable for the amount of their contribution.

special partner | special permit

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
KnowledgeableRitzyWasp
22:35
i might order some gochujang sauce on amazon and cook some air fried chicken breast filets, they’re really good
KnowledgeableRitzyWasp
22:35
just letting you guys know :)
Mohammed
0:14
Where I can find the definition of the false-endowment?
jb2028
11:14
@Mohammed: False-endowment?
reelamsyar
12:05
guys, im making a public speaking with the topic of personal choice in nuisance. Can you give me what to talk about
babybunny
12:47
what does this mean? you get to pick a topic but it has to be about nuisances?
TruthTheX
13:16
Yeah I also don’t know what this means ngl
Obtainingdreams
14:58
Do you think you can use being on the Harvard Wl to ask for more money? Like say you'll withdraw if they give you more?
jb2028
16:14
@Obtainingdreams: Unlikely
jb2028
16:19
If 1 in 10 Harvard waitlistees in their class of 2027 get into HLS (average A % off the HLS waitlist), the school is better served by offering that student more $ than offering the other 9 in 10 more $ than they have to and the one that gets into HLS less than they need to
NaughtyTeenyWeenyPebble
16:32
what do you guys think about the HLS WL? DO you think they're gonna give out a decent amount of A's still?
cclaw
17:15
no
[] ararara
17:38
Thanks JB 🦸‍♀️! For everybody out there stressing law school decisions, hang in there!
HurriedNippyPirate
18:42
What do people think about ND
jb2028
18:42
@NaughtyTeenyWeenyPebble: Looking at last cycle's stats, 16 people logged the date of their HLS waitlist offer and 6 of those were made by 5/19 (the other 10 came later). It's a small sample, and every cycle is different, but it's entirely possible more WL offers are coming
babybunny
18:52
ban me again, for old times’ sake? 😘
NaughtyTeenyWeenyPebble
20:01
I deposited at Columbia but I just want to know if I should start looking for apartments or if I'm going to get an offer from harvard. so stressful
KnowledgeableRitzyWasp
20:02
you kind of have to be ready to drop everything for harvard while going forward with apartments for columbia
Aranet123
20:50
Is it worth writing a second LOCI for HLS?
KnowledgeableRitzyWasp
21:06
you want to write an loci about once a month
[] abbas24
22:33
best tips for studying for Lsat and Applications going into senior year? feel like im so behind but know thats just my mind
[] abbas24
22:34
also tips while having a lower than outstanding gpa? My records show great progression though
jb2028
22:47
1. Spend the time on the LSAT early, if you can hit your target score this summer it will free up lots of time for essays etc. later when things are busy
jb2028
22:50
2. Depending on the schools you're looking at, being at/above LSAT median can be enough. The higher you can get your GPA, the better, but half the class is going to be at/below each median - that's how medians work
jb2028
22:52
If you're above a median (particularly LSAT median) and the other stat isn't way below, numbers alone won't keep you out. Past that point, softs/essays/recs are what gets you in.
jb2028
22:54
YMMV, it will matter what "lower than outstanding" means (3.7? 3.3?)
jb2028
22:59
And what schools you're thinking of
BankruptcyAndRestructuringLawIsCool
2:20
Can't start a fire. You can't start a fire without a spark. This gun's for hire. Even we're just dancing in the dark. You sit around getting older. There's a joke. It's wild and it's on me. I shake this world off my shoulders. Come on, baby, the laugh's on me.
NakedBrothersBandCrazyCar
7:45
knicks and nuggets lost rest in piss god is good
NakedBrothersBandCrazyCar
8:10
law school transparency dark mode 😍😍😍😍 just the feature i was waiting for
LSD+ is ad-free, with DMs, discounts, case briefs & more.