General Partnership - Law Dictionary Search Results
Home Dictionary Name: general partnershipgeneral partnership
general partnership see partnership ...
partnership
partnership : an association of two or more persons or entities that conduct a business for profit as co-owners see also Uniform Partnership Act in the Important Laws section compare corporation, joint venture, sole proprietorship NOTE: Except in civil law as practiced in Louisiana, where a partnership, like a corporation, is considered a legal person, a partnership is traditionally viewed as an association of individuals rather than as an entity with a separate and independent existence. A partnership cannot exist beyond the lives of the partners. The partners are taxed as individuals and are personally liable for torts and contractual obligations. Each partner is viewed as the other's agent and, traditionally, is jointly and severally liable for the tortious acts of any one of the partners. commercial partnership : trading partnership in this entry family partnership : a partnership in which the partners are members of a family general partnership : a partnership in which ea...
Partnership
Partnership, the relation which subsists between persons carrying on a business with a view to profit--so defined by s. 1, sub-s. 1, of the (English) Partnership Act, 1890 (53 & 54 Vict. c. 39), a codifying Act of fifty s.s, 'to declare and amend the law of partnership,' which, in effect, transfers the law of the subject from the region of reported cases to that of the statute; Bovill's Act' (see that title) of 1865 (28 & 29 Vict. c. 86), and a small part of the (English) Mercantile Law Amendment Act of 1856, being the only previous statutory enactments on the subject.Rules, which, however, subject to any agreement express or implied between the partners, are laid down by s. 24 for determining the interest of partners in the partnership property and their rights and duties in relation to the partnership. They provide, amongst other things, for equal shares in profits and equal contributions to losses; for indemnification of every partner by the firm in respect of payments properly made...
Commandite, Partnerships en
Commandite, Partnerships en, partnerships in France which are limited, where the contract is between one or more persons, who are general partners, and jointly and severally responsible, and one or more other persons, who merely furnish a particular fund or capital stock, and thence are called commanditaries or commenditaries, or partners en commandite.-'The salient features of that system in its simplest form are these: There is a managing partner, who manages the affairs of the partnership and is under unlimited liability to creditors, and there is a sleeping partner, who contributes, or agrees to contribute, capital of specified amount for the purposes of the partnership. His liability is limited to the amount of his capital, and he is not allowed to take part in the management of the business. Particulars are registered. Sometimes there are several managing partners and several sleeping partners.' See Pollock on Partnership, 9th Edn. P. 207; Code of Commerce of France, arts. 23, 24...
Co-ownership and partnership
Co-ownership and partnership, the main differ-ences between co-ownership and co-partnership is that co-ownership is not necessarily the result of agreement, whereas partnership is. The second difference is that co-ownership does not necessarily involve community of profit or of loss, but partnership does. A third difference is that one co-owner can without the consent of the other, transfer his interest etc., to a stranger. A partner cannot do this, Champaran Care Concern v. State of Bihar, AIR 1963 SC 1737 (1741). (Partnership Act, 1932, s. 4)...
limited partnership rollup transaction
limited partnership rollup transaction : the combining or reorganizing of one or more limited partnerships into an entity (as a master limited partnership or real estate investment trust) that can be publicly traded ;specif : such a transaction in which some or all of the investors suffer adverse changes including the receipt of new securities without an option to receive or retain securities having the same terms as those originally purchased called also partnership rollup rollup ...
Constituted under an instrument of partnership
Constituted under an instrument of partnership, the words 'constituted under an instrument of partnership' include not only firms which have been created by an Instrument of Partnership but also those which may have been created by word of mouth but have been subsequently clothed in legal form by reducing the terms and conditions of the partnership to writing, R.C. Mitter v. C.I.T, AIR 1959 SC 868 (873): 1959 Supp (2) SCR 641. (Income-tax Act, 1922, s. 26A...
non-commercial partnership
non-commercial partnership : nontrading partnership at partnership ...
Partnership at will
Partnership at will, a 'partnership at will' is that it is open to either partner to dissolve the partnership by giving notice, Karumuthu Thiagarajan Chettiar v. E.M. Muthappa Chettiar, AIR 1961 SC 1225 (1230): (1961) 3 SCR 998....
Partnership property
Partnership property, a property become partnership property only if is based on agreement, express or implied, that it is to be treated as the property of the partnership, Boda Narayana Murthy v. Vallurivenkuta Sugana, AIR 1978 AP 257....
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