General Partnership - Law Dictionary Search Results
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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...
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...
partner
partner : one of two or more persons associated as joint principals in carrying on a business for the purpose of enjoying a joint profit : a member of a partnership ;specif : a partner in a law firm dormant partner : silent partner in this entry general partner : a partner whose liability for partnership debts and obligations is unlimited compare limited partner in this entry lim·it·ed partner : a partner in a venture who has no management authority and whose liability is limited to the amount of his or her investment compare general partner in this entry partner in com·men·dam [-in-kə-men-dəm, -kō-men-dÄ m] in the civil law of Louisiana : limited partner in this entry si·lent partner : a partner who takes no active part in conducting the partnership business but who receives a share of its profits and whose existence is often not made public called also dormant partner ...
insider (of an individual debtor)
insider (of an individual debtor) Any relative of the debtor or of a general partner of the debtor; partnership in which the debtor is a general partner; general partner of the debtor; or a corporation of which the debtor is a director, officer, or person in control. Source: Administrative Office of the U.S. Courts ...
Person
Person, a Hindu Undivided Family is a person, Kshetra Mohan-Sannyasi Charan Sadhukhan v. Commissioner of Excess Profit Tax, West Bengal, AIR 1953 SC 516.According to company law it does not mean an unregistered firm, Firm Pannaji v. Devichand Kapurchand, 99 IC 640.Person, does not include court, Kharka Gigabhai Mavji v. Soni Jagjivan Kanji, (1979) 20 Guj LR 256.Person, implies only an individual and does not bear scrutiny when construed in the case of a company, a firm of partners or an association of persons, J.K. Industries Ltd. v. Chief Inspector of Factories and Boilers, (1997) SCC (205) 1.Person, in an Act of Parliament passed after 1st January, 1890, includes 'any body of persons corporate or unincorporate' unless the contrary intention appears, Interpretation Act, 1889, s. 19. A corporation, such as a limited company, may be a 'respectable and responsible person' within the meaning of a covenant against assignment in a lease, Willmott v. London Road Car Co., (1910) 2 Ch 525. A c...
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...
insider (of a corporate debtor)
insider (of a corporate debtor) A director, officer, or person in control of the debtor; a partnership in which the debtor is a general partner; a general partner of the debtor; or a relative of a general partner, director, officer, or person in control of the debtor. Source: Administrative Office of the U.S. Courts ...
Embezzlement
Embezzlement, the appropriation to his own use by a clerk or servant of money, valuable securities or chattels received by him for and on account of his master or employer. Embezzlement differs from larceny in this, that in the former the property misappropriated is not at the time in the actual or legal possession of the owner, whilst in the latter it is. The distinctions between larceny and embezzle-ment are often extremely nice and subtle, and it is sometimes difficult to say under which head the offence ranges. Unless the offender is a clerk or servant whose business it is to receive money for his master, he is not guilty of embezzlement. But if he have been employed to receive it in a single instance, he need not be a general servant. Partners stealing or embezzling money, etc., belonging to the co-partnership may be convicted and punished as if they had not been such partners. [(English) Larceny Act, 1916, s. 40 (4)]The fraudulent taking of personal property with which one has be...
Things
Things, the subjects of dominion or property, as distinguished from persons. They are distributed into three kinds: (1) things real or immovable, comprehending lands, tenements, and hereditaments; (2) things personal or movable comprehending goods and chattels; and (3) things mixed, partaking of the characteristics of the two former, as a title-deed, a term for years. the civil law divided things into corporeal (tangi possunt) and incorporeal (tangi non possunt). See CHOSE.Things, when used in conjunction with goods, ready money, etc., with reference to accounting between partnership includes, or extends to debts also as it is as general a word as could well be made use of, Gainshorough v. Stock, 27 ER 659...
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