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Under joint and several liability or (in the U.S.) all sums, a plaintiff (claimant) is entitled to claim an obligation incurred by any of the promisors from all of them jointly and also from each of them individually. Thus the plaintiff has more than one cause of action: if she pursues one promisor and he fails to pay the sum due, her action is ...
In external relations, consortium members may decide on joint and several liability regulated by § 421 BGB, while internally there is sometimes a release from this liability. Joint ventures often include credit syndicates (Kreditkonsortien), securities issuing consortia, including mainly shares (Emissionskonsortien), construction consortia ...
Significant to the outcome of the case was the Court's presumption that the joint venture itself was legal, which it based on the prior approval by the FTC and the several states involved. The Court ruled that the Equilon joint venture pricing decisions were not illegal price-fixing between competitors.
General partners may have joint liability or joint and several liability depending upon circumstances. The limited partnership (LP) is a partnership in which general partners manage the partnership's operations, and limited partners forego the right to manage the business in exchange for limited liability for the partnership debts. The ...
The general partners (GPs) are, in all major respects, in the same legal position as partners in a conventional firm: they have management control, share the right to use partnership property, share the profits of the firm in predefined proportions, and have joint and several liability for the debts of the partnership.
An investor who takes an active role will be deemed a general partner, and become exposed to unlimited liability. Corporation; Joint Venture: A business activity shared by two or more business entities. The joint venture's activities must be finite in terms of either time or scope.
Well, Ryan, we don't talk about individual product profitability, but I would say that our joint venture with Wuling is -- Wuling is known to be an incredibly efficient and low-cost producer and ...
Liability is limited to each partners agreed upon contribution to the Limited liability partnership (LLP). No partner is liable on account of the independent or unauthorized actions of other partners, thus allowing individual partners to be shielded from joint liability created by another partner's wrongful business decisions or misconduct.
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