The Law Dictionary

LIMITED PARTNERSHIP

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

Provides a method where a partnership may increase its capital investment from investors who will play little or no role in business decisions. General partners manage the business while limited partners are passive investors and not allowed to make day-to-day business decisions or else they will face the same exposure to liability as general partners. States may also provide … [Read more...]

LINEAL DESCENT

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

A straight line relationship by blood, such as grandfather, father and son and which may come into place when determining inheritence rights when a testator dies intestate (without a will). … [Read more...]

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