llcs-corporations-partnerships

Definition

An option contract entered into where the seller does not actually own the underlying stock. When the buyer exercises the option, the seller must purchase the shares and sell them under the terms of the option contract. Also known as an "uncovered option."

See also

• Option
• Covered option

Definition

Permanent and formal records of business conducted and resolutions adopted at a meeting of the board of directors or shareholders. Once accepted at the next meeting, the minutes become an official representation of the previous meeting and can be used as prima facie evidence in legal matters. 

See also

• Corporate resolution
• Annual meeting

Definition

The equivalent of a shareholder in a limited liability company (LLC). Also, any person on the rolls of an organization with rights and responsibilities.

See also

• Limited liability company (LLC)
• Shareholder

Definition

See Limited liability company (LLC).

Definition

See Limited liability partnership (LLP)

Definition

The member in a liquidating partnership responsible for selling and distributing assets and settling debts on behalf of the partnership.

See also

• Partnership
• Liquidation

Definition

See Limited liability.

Definition

A type of business organization that offers the limited liability of a corporation and the tax benefits of a partnership. The owners of an LLC are referred to as "members", whose rights and responsibilities in managing the LLC are governed by an operating agreement. An LLC is legally formed by the filing of a document called the articles of organization with a state official, usually the Secretary of State.

See also

• Articles of organization
• Limited Liability.

Definition

A type of partnership with at least one general partner and at least one limited partner. A general partner is responsible for managing the partnership but maintains personal liability for the partnership's debts. A limited partner generally does not participate in managing the partnership, but enjoys limited personal liability.

See also

• Partnership
• Limited liability partnership (LLP)

Definition

A type of partnership which extends limited personal liability to all partners, including general partners. Operates in similar fashion to a Limited liability company (LLC).

See also

• Partnership
• Limited partnership