Types of Partnerships

The three most used partnership types are listed here, with their features, to help you decide which type you might want to use.

A general partnership is a partnership with only general partners. Each general partner takes part in the management of the business, and also takes responsibility for the liabilities of the business. If one partner is sued, all partners are held liable. General partnerships are the least desirable for this reason. A limited partnership includes both general partners and limited partners. A limited partner does not participate in the day-to-day management of the partnership and his/her liability is limited. In many cases, the limited partners are merely investors who do not with to participate in the partnership other than to provide an investment and to receive a share of the profits. A limited liability partnership (LLP) is different from a limited partnership or a general partnership, but is closer to a limited liability company (LLC). In the LLP, all partners have limited liability. An LLP combines characteristics of partnerships and corporations. In recent years, the limited liability company has supplanted the general partnership and the limited partnership, because of the limits of liability.

Judicial institutions of the usa

The United States Constitution established a separate judicial

branch of government that operates independently alongside

the executive and legislative branches. The judicial branch, or

judiciary, is the branch of government responsible for

applying laws to settle disputes between parties. Courts

possess jurisdiction, the legal right and power to interpret

and apply laws and make binding decisions.

Within the judicial branch authority is divided between

state and federal (national) courts. In fact, there are two

coexisting court sys­tems: the federal courts and the state

courts. Each court system has its own areas of jurisdiction.

Federal courts hear cases, which arise under the U.S.

Constitution or under any law or treaty, as well as any

controversy to which the federal government is itself a party.

Federal courts also hear disputes involving governments or

citizens of different states.

The United States Supreme Court is the highest court of the land.

The Supreme Court is the court of final appeal and it may rule

In cases in which someone claims that a lower court ruling on

a federal law is unjust or in which someone claims there has been

a violation of the United States Constitution, the nation's basic law.

European Union Law

Co-operation between countries in Western Europe in the

fields of politics, economics. The Council of Europe consists

of 44 member states.

There are two main sources of Community law. The first are the

treaties (primary source law) and the second are laws created

under the authority of the treaties by the Community institutions

(secondary source law).

Secondary legislation comprises the bulk of European Union law

and includes regulations, directives, decisions, recommendations,

and opinions of the Council of the European Union and the

European Commission.

The «institutions» of the European Union are those bodies created

by treaties. They have the power to take binding decisions and

consist of elected representatives.

The institutions of the European Union are:

(I) the European Parliament (called the «Assembly» in the

founding treaties);

(II) the European Council;

The Court of Justice of the European Communities consists of 15

judges.

Less important cases are handled in a chamber; more important

cases — by plenary session. The Court receives cases on appeal

from member states.

The European Court of Justice requested the Council to establish

a court to deal with specific cases. The Court of First Instance

(CFI) was established in October 1988 and consists of fifteen

members

The Council consists of 15 members, one from each member state.

The members are appointed by the Council, in consultation with

the Parliament. Each member is assigned a specific sector of activity

in relation to the accounts of the Union.

The Court of Auditors conducts annual audits and submits obser­vations

and opinions on matters requested by other Community insti­tutions.

It may also carry out investigations in the member states con­cerning

the application of Union law by that state, e.g. the collection of custom

duties.

accused - smb. who has been charged with committing a crime

amendment - changes in a rule, document, law, etc

bill - a proposed law - the preliminary version of an Act of Parliament

Civil law - is the branch of law dealing with disputes between individuals

or organizations in which compensation may be awarded to the victim

Criminal law - is the body (branch) of law that relates to crime

constituency - a) the inhabitants of an electoral district b) an area of the UK

for which a representative is elected to the House of Commons

court - place where law-cases are held

election - choosing ( or selection) of candidates for an office

government - body of persons governing the state

judge - a public officer with authority to hear and decide cases in a

law court

jury - a body of twelve persons who give a decision on issues of fact

in a case in court of justice

law - is a set of rules recognized and applied by the state

penalty - punishment for wrongdoing

polling station - the place where people go to vote in an election

prosecutor - somebody who brings criminal charges against someone

( a person who tries to prove that the accused is guilty)

seizure - taking possession of property, etc. by law

thief - a person who steals things secretly, usually without violence

verdict - the decision of a jury or magistrate

voters - the inhabitants of an elected district