Limited Partner - Law Dictionary Search Results
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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 ...
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...
Limited liability
Limited liability. At Common Law every person is liable, upon his contracts, up to the whole amount of his estate, and every partner is so liable upon all the contracts of the partnership. So extensive a liability being apt to prevent persons from engaging in business as partners, the statutes authorizing the construction of railways, etc., have always limited the liability of each shareholder to the amount of the shares held by him. Similar limitations, extending in some cases to double the amount of shares held, have also long been found (though not universally) in the charters of incorporated banks and insurance companies.Companies Acts.--Under the Companies Acts, limited liability means that the members are not liable beyond the unpaid-up part (if any) of the nominal amount of the shares in respect of which they are registered in the books of the company. When a share has been fully paid up, no further liability exists. As to shares which have not been fully paid up, see CONTRIBUTO...
Dormant partners
Dormant partners, subject to s. 2, (English) Partner-ship Act, 1890, and the (English) Business Names Registration Act, 1916, those whose names are not known or do not appear as partners, but who nevertheless are silent partners, and partake of the profits, and thereby become partners, either absolutely to all intents and purposes, or at all events in respect to third parties. dormant partners, in strictness of language, mean those who are merely passive in the firm, whether known or unknown, in contradistinction to those who are active and conduct the business of the firm as principals. Unknown partners are properly secret partners: but in common parlance they are usually designated by the appellation of dormant partners. They are held responsible as partners, until retirement, to third parties, although they maynot be so chargeable inter se. consult Lindleyon Partnership. See PARTNERSHIP (LIMITED PARTNERSHIP) and BUSINESS NAMES REGISTRATION ACT, 1916; DISCLOSURE....
Partners of a firm
Partners of a firm, the status of a partner qua the firm with reference to the provisions of the Partnership Act, the concept of 'employer' and 'employee' and the importance of the definition of 'wages' as also various Indian and foreign decisions are clearly indicative of the principle that a partner who belongs to the class of employer cannot rank as employee because he also works for wages for the partnership. In common parlance the status of a partner qua the firm is thus different from em-ployees working under the firm. It may be that a partner is being paid some remuneration for any special attention which he devotes but that would not involve any change of status and bring him within the definition of employee. In a partnership firm, which is not a legal entity, each partner acts as an agent of the other. The position of a partner qua the firm is thus not that of a master and a servant or employer and employee which concept involves an element of subordination but that of equali...
Partner
Partner, the definition is designed to confer equal benefits upon the minor by treating him as a partner; but it does not render a minor a competent and full partner. For that purpose, the law of Partnership must be considered, apart from the definition in the Income-tax Act, Commissioner of Income Tax v. Darkadas Khetan and Co., AIR 1961 SC 680 (683): (1961) 2 SCR 821....
Relinquishment of interest by partner
Relinquishment of interest by partner, means relin-quishment of interest by a partner by executing a deed of relinquishment in favour of other existing partners of the firm, having both movable and immovable properties, is not necessary, Nariman Aspandiar Irani v. Adi Merwan Irani, 1989 Bom 362....
dormant partner
dormant partner see partner ...
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