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Please define the following terms: (1) probation, (2) parole. What are the major similarities and differences between the two sanctions? How are these sanctions commonly used in the United States today? Please explain your answer.
Limited Liability Partnership (LLP)
A partnership in which some or all partners have limited liabilities, protecting them from personal responsibility for the debts of the business.
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.
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