Examlex
Tim and Carla have been married for 15 years. Tim likes to fish and spends most weekends on the boat. Carla goes out occasionally but she is increasingly frustrated when he chooses to fish rather than spending time with the family. They have been spending lots of time fighting about fishing. This is an example of:
General Partner
A type of partner in a partnership who is responsible for the day-to-day management of the partnership and is personally liable for the partnership's debts.
Misapplication Funds
Refers to the wrongful use or allocation of funds that were intended for a specific purpose.
Partnership Relationship
The legal and operational relationship existing between partners in a business venture, governed by a partnership agreement.
Obligations
Duties or responsibilities imposed by law, contract, or social norms.
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