Limited Liability Company (LLC) is a non-incorporated business organization that retains elements of both partnerships and corporations. The LLC form allows a lot of flexibility in arranging the organizations to the specific needs of its...
llcs-corporations-partnerships
(Wex page)
Limited liability partnership (LLP) is a type of general partnership where every partner has a limited personal liability for the debts of the partnership. Partners will not be liable for the tortious damages of other partners but potentially...
(Wex page)
Limited partnership (LP) is a type of partnership organization that limits the personal liability of some partners. In general partnerships, every partner remains personally liable for the debts and obligations of the partnership. The LP...
(Wex page)
Limited personal liability generally means that an investor or other individual in a legal capacity can be held responsible for liabilities or damages of the business only in select circumstances or not at all. The term applies to a variety...
(Wex page)
A liquidating partner is a partner who is appointed to settle a dissolving or insolvent firm’s finances. During the process of liquidation, a liquidating partner is in charge of selling and distributing assets as well as settling debts on...
(Wex page)
Limited Liability Company (LLC) is a non-incorporated business organization that retains elements of both partnerships and corporations. The LLC form allows a lot of flexibility in arranging the organizations to the specific needs of its...
(Wex page)
Limited liability partnership (LLP) is a type of general partnership where every partner has a limited personal liability for the debts of the partnership. Partners will not be liable for the tortious damages of other partners but potentially...
(Wex page)
Low-profit limited liability companies (L3C) are business entities created mainly for charitable reasons, allowed in eight states and Puerto Rico. The entities are required to register with the appropriate state agencies and pursue their...
(Wex page)
Member is the equivalent shareholder in a limited liability company (LLC). Compared to a limited partner of limited liability partnerships (LLP), the members of an LLC share almost the same way to control the business like a general partner,...
(Wex page)
Definition
In general, the act of uniting separate things. Specifically -
1. In corporate law, the absorption of one corporation into another. The surviving corporation acquires all the assets and liabilities of the corporation getting...