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Partnership: Difference between revisions
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{{a|entity|}}One of {{t|ISDA}}’s vaunted {{tag|netting}} categories. | {{a|entity|}} | ||
===[[Netting]]=== | |||
One of {{t|ISDA}}’s vaunted {{tag|netting}} categories. | |||
{{quote| | {{quote| | ||
{{partnership}} | {{partnership}} | ||
<small><small>''[[:template:partnership|view template]]''</small></small> | <small><small>''[[:template:partnership|view template]]''</small></small> | ||
}} | }} | ||
===Generally=== | |||
In the good old days, partnerships were a discrete form of business organisation which had a number of unusual features: | In the good old days, partnerships were a discrete form of business organisation which had a number of unusual features: | ||
*'''No [[legal personality]]''': Unlike a corporation, a partnership has no separate legal entity distinct from the collected personality of the individual partners, so to enter a contract with a partnership, or to sue one, is to sue its collected partners. If this were a corporation, that would be the equivalent of suing each of the shareholders of the corporation. This creatres conceptual difficulties and issues of course: partnership shares are not equal, and having to sue three hundred people at the same time just to recover a £5,000 debt, and working out exactly who owes what of that sum, seems rather a faff, so the comnmon law imputed to a partnership | *'''No [[legal personality]]''': Unlike a corporation, a partnership has no separate legal entity distinct from the collected personality of the individual partners, so to enter a contract with a partnership, or to sue one, is to sue its collected partners. If this were a corporation, that would be the equivalent of suing each of the shareholders of the corporation. This creatres conceptual difficulties and issues of course: partnership shares are not equal, and having to sue three hundred people at the same time just to recover a £5,000 debt, and working out exactly who owes what of that sum, seems rather a faff, so the comnmon law imputed to a partnership | ||