Community Property

  

Property owned jointly by both spouses, particularly in community property states. Think: Blue ones.

That property (not just land...can be a yacht, a jet, jewelry, a Warhol) remains community property until the marriage ends via divorce, death, or confirmed alien abduction.

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Finance: What is a partnership?23 Views

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finance a la shmoop. what is a partnership? a marriage. joint ownership

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of a bar. when two dudes put up half the dough each to share 50/50 in a time [two different people offer money for keys]

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machine. well a partnership is just the merging

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of two individuals in doing a given business deal or setting up a business

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structure. if both are owners then both are liable for you know bad things

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should they happen. partnerships carry a lot of financial danger if one partner

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goes off the rails and decides to commit fraud in the name of the company or that

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evil partner enters into a stupid company bankrupting contract, well then [bad contract sold to unsuspecting victim]

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both parties pay for it. the innocent partner pays just as much in the form of

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whatever financial damages befall the partnership as the evil one, and

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partnership liabilities include personal assets if the partnership is structured

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like a general partnership with limited partners having no personal liability so [ liability structures defined]

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for all the good that a partnership can have it can get bad and ugly so you got

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to enter partnerships carefully. spend lots of dough on lawyers before you set

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it up so you don't have to after. [money exchanged for partnership contract ]

Up Next

Finance: What is a limited partnership?
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What is a limited partnership? A limited partnership is one in which at least one party is a general partner who assumes personal liabilities and i...

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