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What is Understanding Partnership Law Basics about?
1. A partnership is a contractual relationship between two or more persons to carry on a business together and share the profits and losses. 2. For a partnership to be valid under civil law, there must be a valid contract with consent, an object that is lawful, and consideration in the form of mutual contributions of money, property, industry, skill or labor. 3. Key differences between a civil law and American concept of partnership include that civil law recognizes a partnership as having a separate juri
- Author
- Shieremell Diaz
- Language
- EN