Partnership at Legal Glossary
What is it? When used without a qualifier such as limited or limited liability, usually refers to a legal structure called a general partnership. This is a business owned by two or more people (called partners or general partners) who are personally liable for all business debts. To form a partnership, each partner normally contributes money, valuable property or labor in exchange for a partnership share, which reflects the amount contributed. Partnerships are easy to form since no registration is required with any governmental agency to create a partnership (although tax registration and other requirements to conduct business may still apply). Although not required, it is an excellent idea to prepare a written partnership agreement between the partners to define items such as ownership percentages, how profits and losses will be divided and what happens if a partner dies or becomes disabled. Partnerships themselves do not pay federal or state income taxes; rather, profits are passed through to partners who report and pay income taxes on their personal returns. See also limited partnership; limited liability partnership.Law Definition Added By: Eric
The Partnership definition has been viewed 706 Time(s)!
Send To Friends!
If you'd like to send the Partnership definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -We hope you now understand the meaning of Partnership. If you need any more information on this term, please don't hesitate to contact us.
Other Similar Legal Terms:
Law Terms friendly witness is A witness whom you have called to testify, and whom you may not cross-examine. If the witness testifies in a way that hurts your case, you can ask the judge to declare him a hostile witness, which means that you can begin to cross-examine him with leading questions.Law Terms residuary estate is The property that remains in a deceased persons estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court costs are paid. The residuary estate also includes any gifts under a will that fail or lapse. For example, Connies will leaves her house and all its furnishings to Andrew, her VW bug to her friend Carl, and the remainder of her property (the residuary estate) to her sister Sara. She doesnt name any alternate beneficiaries. Carl dies before Connie. The VW bug becomes part of the residuary estate and passes to Sara, along with all of Connies property other than the house and furnishings. Also called the residual estate or residue.
Law Terms rhadamanthine is A term used to describe a hard-nosed judge, inflexible in the application of the law.
Law Terms preference is A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commercial creditors) and within one year for insider creditors (friends, family members, and business associates). Because a preference gives the creditor who received the payment an edge over other creditors in the bankruptcy case, the trustee can recover the preference (the amount of the payment) and distribute it among all of the creditors.
Law Terms original work of authorship is Under U.S. copyright laws, any type of expression independently conceived by its creator. As long as a particular expression has been independently created, it need not be original in the sense of new. For example, if Thamas Dowel never heard of or read One Flew Over the Cuckoos Nest, by Ken Kesey, but somehow managed to write a play very similar to it, Dowels play would qualify as original, and would be protected by copyright law. Many creations qualify as works of authorship, including sheet music, movies, records, tape recordings, video disk productions, computer software, laser disk games, cartoons, designs, magazines, poems and books. The few categories that dont qualify include titles of books, movies and songs; short phrases and slogans; printed forms; compilations of facts; and works consisting entirely of information that is public domain property--for example, lists and tables taken from public documents. Items in these categories are considered too short or too lacking in originality to qualify for copyright protection.