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Dictionary of Law |
general partner :: legal definitionGeneral partner - n. 1) usually one of the owners and operators of a partnership, which is a joint business entered into for profit, in which responsibility for management, profits and, most importantly, the liability for debts is shared by the general partners. Anyone entering into a general partnership (the most common business organization involving more than one owner) must remember that each general partner is liable for all the debts of the partnership. Furthermore, any partner alone can bind the partnership on contracts. Example: Joe Doright and Sam Sleazeball are partners in a retail store. Sleazeball runs up a large American Express card bill in the name of the company while on a toot in Las Vegas, contracts for purchase of $30,000 worth of dresses which are out of fashion, and then takes off with a girlfriend for Tahiti. Doright is responsible for the entire debt. 2) in the 40 states which recognize limited partnerships, the managing partner or partners operate the partnership and are liable for its debts beyond the value of the investments by limited partners. The general partners usually receive a management fee and share in profits. Limited partners are prohibited by law from participating in management, can lose more than their investments, and get less than the general partners from unusually high profits. See also: limited partnership partner partnership and Related Law Terms ↓ Related Law Termsamend :: v. to alter or change by adding, subtracting, or s ... mended pleading statute stipulationanswer :: n. in law, a written pleading filed by a defendant ... emurrer general denial verification appeal :: 1) v. to ask a higher court to reverse the decisio ... ng, as in "he has filed an appeal." Attorney General :: n. in each state and the federal government the hi ... izenry. See also: Solicitor General bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy bankruptcy proceedings :: n. the bankruptcy procedure is: a) filing a petiti ... ankruptcy court claim in bankruptcy business invitee :: n. a person entering commercial premises for the p ... to the contrary. See also: invitee capital gains :: n. the difference between the sales price and the ... so: basis delayed exchange exchange cartel :: n. 1) an arrangement among supposedly independent ... Colombia. See also: antitrust laws clean hands doctrine :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense commingling :: n. the act of mixing the funds belonging to one pa ... rust accounts for funds of another. common area :: n. in condominium and some cooperative housing pro ... tage of total store space occupied. complaint :: n. the first document filed with the court (actual ... g prayer service of process summons condominium :: n. title to a unit of real property which, in real ... ium projects. See also: common area consumer protection laws :: n. almost all states and the federal government ha ... rranty product liability securities contract :: 1) n. an agreement with specific terms between two ... n oral contract unilateral contract contractor :: n. 1) a person or entity that enters into a contra ... actor mechanic's lien subcontractor contribution :: n. 1) donation to a charity or political campaign. ... f $3,000 from each of his partners. cooperative :: n. an association of individual businesses, farmer ... exes. See also: cooperative housing cooperative housing :: n. an arrangement in which an association or corpo ... common area condominium cooperative copartner :: n. one who is a member of a partnership. The prefi ... hip." See also: partner partnership corporation :: n. an organization formed with state governmental ... ation public corporation securities court :: n. 1) the judge, as in "The court rules in favor o ... cost and wait of full court trials. covenants, conditions and restrictions :: n. commonly called "CC and Rs," these are written ... ctive purchaser. See also: covenant damages :: n. the amount of money which a plaintiff (the pers ... liquidated damages special damages declaration of trust :: n. the document signed by a trustor (settlor) crea ... also: settlor trust trustee trustor eminent domain :: n. the power of a governmental entity (federal, st ... ngs. See also: condemn condemnation franchise :: 1) n. a right granted by the government to a perso ... on property, income or profits tax. general appearance :: n. an attorney's representation of a client in cou ... case. See also: special appearance impute :: v. 1) to attach to a person responsibility (and th ... also. See also: vicarious liability incorporate :: v. 1) to obtain an official charter or articles of ... te by reference incorporation stock insanity :: n. mental illness of such a severe nature that a p ... M'Naughten rule temporary insanity insolvency :: n. 1) the condition of having more debts (liabilit ... the property. See also: bankruptcy interest :: n. 1) any and all, partial or total right to prope ... nal property real property standing invitee :: n. a person who comes onto another's property, pre ... ail employees. See also: negligence issue :: 1) n. a person's children or other lineal descenda ... the body incorporation share stock joint and several :: adj. referring to a debt or a judgment for neglige ... ution contributory negligence joint joint venture :: n. an enterprise entered into by two or more peopl ... s terminated. See also: partnership law :: n. 1) any system of regulations to govern the cond ... um maritime law natural law statute liability :: n. one of the most significant words in the field ... bility joint tortfeasors negligence liable :: adj. responsible or obligated. Thus, a person or e ... al prosecution. See also: liability libel :: 1) n. to publish in print (including pictures), wr ... libel per se public figure slander limited liability :: n. the maximum amount a person participating in a ... ted damages partnership shareholder limited partnership :: n. a special type of partnership which is very com ... mited liability partner partnership literary property :: n. the writings of an author which entitles him/he ... as copyrighted. See also: copyright living trust :: n. sometimes called an inter vivos (Latin for "wit ... thrift clause trust trustee trustor Massachusetts Trust :: n. a business in which the investors give manageme ... provide for eventual distribution. mechanic's lien :: n. the right of a craftsman, laborer, supplier, ar ... ll sue for the debt. See also: lien negligence :: n. failure to exercise the care toward others whic ... gence per se res ipsa loquitur tort no fault insurance :: n: a type of automobile insurance required of car ... ling lawsuits. See also: negligence officer :: n. 1) a high-level management official of a corpor ... deputy sheriff or federal marshal. oral contract :: n. an agreement made with spoken words and either ... itten. See also: agreement contract partner :: n. 1) one of the co-owners and investors in a "par ... ner limited partnership partnership partnership :: n. a business enterprise entered into for profit w ... partnership partner silent partner plea :: n. 1) in criminal law, the response by an accused ... raignment plead preliminary hearing power of attorney :: n. a written document signed by a person giving an ... y, as in a real estate transaction. pro rata :: (proh rat-ah or proh ray-tah) adj. from Latin for ... e year in which he/she holds title. product liability :: n. the responsibility of manufacturers, distributo ... e known. See also: warrant warranty promissory note :: n. a written promise by a person (variously called ... lso: interest obligee obligor usury prospectus :: n. a detailed statement by a corporation required ... rporation limited partnership stock prudent man rule :: n. the requirement that a trustee, investment mana ... (1994). See also: fiduciary trustee reformation :: n. the correction or change of an existing documen ... neral partner sues for reformation. regulations :: n. rules and administrative codes issued by govern ... es usually have similar procedures. restraint on alienation :: n. an attempt in a deed or will to prevent the sal ... enant rule against perpetuities use review :: n. the judicial consideration of a lower court jud ... ate court reversal reversible error scope of employment :: n. actions of an employee which further the busine ... ter and servant respondeat superior securities :: n. generic term for shares of stock, bonds and deb ... ee also: bond debenture share stock self-dealing :: n. in the stock market, using secret "inside" info ... ederal Securities and Exchange Act. silent partner :: n. a non-legal term for an investor who puts money ... partner limited partnership partner special prosecutor :: n. an attorney from outside of the government sele ... Robert Bork finally discharged Cox. statute of limitations :: n. a law which sets the maximum period which one c ... ies. See also: demurrer laches toll straw man :: n. 1) a person to whom title to property or a busi ... a trail will mislead hunting dogs). trust :: n. an entity created to hold assets for the benefi ... testamentary trust trustee trustor Popular Law Searcheslegal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay. forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay. what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger." mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor. clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate. Other Law Terms - Ggag order :: n. a judge's order prohibiting the attorneys and t ... st day in office, January 22, 1993.garnish :: v. to obtain a court order directing a party holdi ... ed. See also: garnishee garnishment garnishee :: n. a person or entity, quite often a bank or emplo ... ourt. See also: garnish garnishment garnishment :: n. the entire process of petitioning for and getti ... heriff. See also: garnish garnishee gender bias :: n. unequal treatment in employment opportunity (su ... statutes. See also: discrimination general appearance :: n. an attorney's representation of a client in cou ... case. See also: special appearance general counsel :: n. the chief attorney for a corporation, who is pa ... e counsel." See also: house counsel general damages :: n. monetary recovery (money won) in a lawsuit for ... s exemplary damages special damages general denial :: n. a statement in an answer to a lawsuit or claim ... anguage. See also: answer complaint general partner :: n. 1) usually one of the owners and operators of a ... ted partnership partner partnership general plan :: n. a plan of a city, county or area which establis ... uture development. See also: zoning generation skipping :: adj., adv. referring to gifts made through trusts ... to a grandchild without a gift tax. gift :: n. the voluntary transfer of property (including m ... ift tax unified estate and gift tax gift in contemplation of death :: n. (called a gift causa mortis by lawyers showing ... ift tax unified estate and gift tax gift tax :: n. federal tax on large gifts. Gifts to members of ... ance in gift tax planning is vital. go bail :: v. slang for putting up the bail money to get an a ... arrest or pending trial or appeal. good cause :: n. a legally sufficient reason for a ruling or oth ... od cause shown, the court orders:." good faith :: n. honest intent to act without taking an unfair a ... plied to all kinds of transactions. Good Samaritan rule :: n. from a Biblical story, if a volunteer comes to ... a lawsuit for millions of dollars. good title :: n. ownership of real property which is totally fre ... or deed of trust on the property). |