4.15 General Partnership-Definition

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Multi-State
Control #:
US-JURY-9THCIR-4-15
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Rich Text
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Description

Sample Jury Instructions from the 9th Circuit Federal Court of Appeals. http://www3.ce9.uscourts.gov/jury-instructions/ A 4.15 General Partnership is a type of business entity that is formed when two or more people decide to enter into business together. This type of business is similar to a sole proprietorship, in that the partners are personally liable for the debts and liabilities of the business. However, in a general partnership, each partner has equal control over the business and shares profits, losses, and responsibilities equally. There are two types of general partnerships: Limited Liability Partnerships (LLP) and Limited Liability Limited Partnerships (LL LP). In an LLP, the partners are not personally liable for the debts and liabilities of the business. In an LL LP, the liability of one partner is limited to their investment in the business.

A 4.15 General Partnership is a type of business entity that is formed when two or more people decide to enter into business together. This type of business is similar to a sole proprietorship, in that the partners are personally liable for the debts and liabilities of the business. However, in a general partnership, each partner has equal control over the business and shares profits, losses, and responsibilities equally. There are two types of general partnerships: Limited Liability Partnerships (LLP) and Limited Liability Limited Partnerships (LL LP). In an LLP, the partners are not personally liable for the debts and liabilities of the business. In an LL LP, the liability of one partner is limited to their investment in the business.

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4.15 General Partnership-Definition