llcs-corporations-partnerships

(Wex page)
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...

(Wex page)
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 alsoPartnershipLimited partnership

(Wex page)
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...

(Wex page)
Definition

See Limited liability.

(Wex page)
Definition

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

See alsoPartnershipLiquidation

LLC

(Wex page)
Definition

See Limited liability company (LLC).

LLP

(Wex page)
Definition

See Limited liability partnership (LLP)

(Wex page)
Definition

A type of limited liability partnership (LLP), which operates to “significantly further the accomplishment of one or more charitable or educational purposes". Unlike a non-profit charitable organization, L3Cs may make a small profit, as long...

(Wex page)
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 alsoLimited liability company (LLC)Shareholder
(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 absorbed...

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