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Partnership Law |
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A partnership agreement involves two or more persons who agree to go into business partnership together as co-owners. The simplest type of partnership is a general partnership; although, there are other partnership types, including joint ventures, which are formed for a specific, limited purpose or for a limited period of time. Limited partnerships (LPs) are like general partnerships, except that the limited partners are passive investors and are prohibited from managing the business. Limited liability partnerships (LLPs) are essentially the same as limited liability companies (LLCs), except that an LLP is specifically designed for use by certain professions, the general partners are not liable for the negligence of other partners, and the general partners remain liable for the general obligations of the partnership; whereas, the members of an LLC are generally not liable for the debts and obligations of the LLC. Access more information here in the partnership law practice center." Find an Partnership attorney in your area.
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choate lien
a lien that requires no further action to be made enforceable and that identifies the lienor, the property subject to the lien, and the amount of the lien
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