82,021
edits
Partnership: Difference between revisions
no edit summary
Amwelladmin (talk | contribs) No edit summary |
Amwelladmin (talk | contribs) No edit summary |
||
| Line 1: | Line 1: | ||
{{a|entity|}} | {{a|entity|}}A bunch of people getting together to pursue a common business endeavour under which they will pool resources and share profits from the undertaking without creating a separate legal entity. | ||
===[[Netting]]=== | ===[[Netting]]=== | ||
One of {{t|ISDA}}’s vaunted {{tag|netting}} categories. | One of {{t|ISDA}}’s vaunted {{tag|netting}} categories. | ||
| Line 6: | Line 6: | ||
<small><small>''[[:template:partnership|view template]]''</small></small> | <small><small>''[[:template:partnership|view template]]''</small></small> | ||
}} | }} | ||
The thing about netting against a partnership is that the partnership isn’t a legal thing as such — it can’t go bankrupt — so the real question is could you enforce netting against one of the individual partners, to whom you impute [[joint and several liability]]. | |||
It gets weirder than that: for since any of the other partners could theoretically defend the action or take action against your purported close out, do you have some risk that if ''any'' of the partners is non-nettable, then the whole contract with the partnership is non-nettable? | |||
===Generally=== | ===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: | ||