Business Formation Legal Terms and Legal Words. Business Law Terminology

charitable organization
"Charitable organization" Is a business entity organized and operated exclusively for religious, charitable, scientific, educational, medical, or literary purposes, testing for public safety, prevention of cruelty to children or animals, family counseling, or promotion of amateur sports competition. The main purpose of a charitable organization is to raise … Full Definition »
Law topic: Business Formation << Legal issue: Business Law
General Partnership
A California General Partnership must have two or more persons engaged in a business for profit. Except as otherwise provided by law, all partners are liable jointly and severally for all obligations of the partnership unless agreed by the claimant. Profits are taxed as personal income for the partners. To register a GP at the state level, a Statement of … Full Definition »
Law topic: Business Formation << Legal issue: Business Law
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General Partnership
A California General Partnership must have two or more persons engaged in a business for profit. Except as otherwise provided by law, all partners are liable jointly and severally for all obligations of the partnership unless agreed by the claimant. Profits are taxed as personal income for the partners. To register a GP at the state level, a Statement of … Full Definition »
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