Examlex
If a police officer arrives at a home in response to an incident of domestic violence and notices marijuana on the coffee table, the officer cannot seize the evidence and arrest the suspect.
Buyout Clause
A contractual provision allowing for the purchase of a particular asset or the stake of a business partner under predefined circumstances.
Limited Partnership
A partnership arrangement where some partners have limited liability to the extent of their investment, while others have full liability.
General Partner
A member of a partnership who has unlimited liability for the debts of the business and plays an active role in its management.
LLLP
A Limited Liability Limited Partnership (LLLP) is a form of partnership that provides limited liability to all its partners, not just the limited partners as in a traditional limited partnership.
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