A voluntary association between two or more people who co-own a business for profit.
Any individual, proprietorship, partnership, corporation, association, or other orgazization that has, in the eyes of the law, the capacity to form an agreement and the ability to assume an obligation and to discharge an indebtedness.
Articles of partnership
The written agreement that creates a partnership
Right of survivorship
The right that specific partnership property will pass on to the surviving partners.
An order that entitles a creditor to collect a partner's profits
A review and listing of all partnership assets and/or profit
A term applied to partners who share liability for the partnerships debts
Joint and several liability
A type of liability in which a third party can choose to sue the partners separately or to sue all partners jointly in one action.
The change in the relation of partners caused by any partner's ceasing to be associated with the carrying on of the bussiness.
A term applied to the dissolution of a partnership that does not violate its partnership agreement.
A dissolution of a partnership in violation of its partnership agreement
The process of completing unfinished partnership business
A partnership consisting of at least one general partner and at least one limited partner in which the general partners assume all liability for the partnership's debts and the limited partners assume no liability beyond their originally invested capital.
Certificate of limited partnership
A document signed on the formation of a limited partnership and filed with the secretary of state