Definition ∞ Partnership law is the body of legal rules governing the formation, operation, and dissolution of business partnerships. This law defines the rights and responsibilities of partners, including their profit sharing, management duties, and liability for partnership debts. It varies across jurisdictions, influencing business structuring decisions.
Context ∞ Partnership law is increasingly relevant to decentralized autonomous organizations (DAOs) and other collaborative ventures in the digital asset space. In the absence of specific DAO legislation, courts may apply existing partnership law, potentially imposing unlimited personal liability on participants. This legal framework significantly influences how decentralized groups are perceived and regulated, necessitating careful consideration of their organizational design.
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