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Personally Liable
Being directly responsible for the payment of debts or the fulfillment of obligations from one's own assets.
Capital Contribution
The sum contributed by a business partner as a permanent investment in the business. It is then considered to be the property of the partnership.
Tenancy in Partnership
A form of co-ownership where partners in a business own property together, with rights and responsibilities defined by the partnership agreement.
Uniform Partnership Act (UPA)
The original partnership statute written by the National Conference of Commissioners on Uniform State Laws.
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