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Partnership Business
A business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Agreement.
Tort Committed
An act or omission that gives rise to injury or harm to another, resulting in legal liability.
Debts or Claims
Obligations owed by one party to another, which may be subject to repayment or compensation.
Admission of a New Partner
A business procedure that involves integrating a new partner into an existing partnership, often requiring adjustments in capital and profit-sharing ratios.
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