Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
general partnership.
A partnership in which all partners participate fully in running the business and share equally in profits and losses (though the partners' monetary contributions may vary).
limited partnership.
A partnership composed of one or more persons who control the business and are personally liable for the partnership's debts (called general partners), and one or more persons who contribute capital and share profits but who cannot manage the business and are liable only for the amount of their contribution (called limited partners). ( The chief purpose of a limited partnership is to enable persons to invest their money in a business without taking an active part in managing the business, and without risking more than the sum originally contributed, while securing the cooperation of others who have ability and integrity but insufficient money. - Abbr. L.P. - Also termed special partnership; (in civil law) partnership in commendam.
limited-liability partnership.
A partnership in which a partner is not liable for a negligent act committed by another partner or by an employee not under the partner's supervision. ( All states have enacted statutes that allow a business (typically a law firm or accounting firm) to register as this type of partnership. - Abbr. L.L.P.
partnership.
The certificate is often furnished to financial institutions when the partnership borrows money.