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business law

arm's length

“Arm’s length” is an expression commonly used to refer to transactions in which two or more unrelated and unaffiliated parties agree to do business, acting independently and in their self-interest. In transactions “at arm’s length,” the parties involved should have equal bargaining power and symmetric information, leading the parties to agree upon fair market terms.

articles of organization

The articles of organization is a public and official document used to create a limited liability company (LLC). The LLC members must file the articles of organization before the relevant state authority (usually the Secretary of State) for approval. Upon approval of the articles of organization, the LLC will become an official separate legal and business entity.

artificial intelligence (AI)

According to 15 U.S. Code § 9401, artificial intelligence is defined as “a machine-based system that can, for a given set of human-defined objectives, make predictions, recommendations or decisions influencing real or virtual environments.”

artificial person

An artificial person is also known as a juridical person; it has a legal name and has certain rights, protections, privileges, responsibilities, and liabilities in law, similar to those of a natural person. In other words, an artificial person is a non-human legal entity that is not a single natural person but an organization recognized by law as a fictitious person.

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