Flashcards: Legal entities

A Kommanditgesellschaft (abbreviated "KG", pronounced [kɔmanˈditgəˌzɛlʃaft]) is the German name for a limited partnership business entity and is used in German, Austrian and some other European legal systems.

A corporation is a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.

In jurisprudence, a natural person is a person (in legal meaning. i.e., one who has its own legal personality) that is a human being, as opposed to a legal person, which may be a private (i.e., business entity or non-governmental organization) or public (i.e., government) organization.

In most countries, a general partnership (the basic form of partnership under common law) is an association of persons or an unincorporated company with the following major features: * Created by agreement, proof of existence and estoppel.

A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities.

In United Kingdom and United States law and business, liquidation is the process by which a company (or part of a company) is brought to an end, and the assets and property of the company are redistributed.

A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests.

A subsidiary, subsidiary company or daughter company is a company that is owned or controlled by another company, which is called the parent company, parent, or holding company.

A business entity is an entity that is formed and administered as per commercial law in order to engage in business activities, charitable work, or other activities allowable.

Consumer cooperatives are enterprises owned by consumers and managed democratically which aim at fulfilling the needs and aspirations of their members.

A division of a business or business division (sometimes called a business sector) is one of the parts into which a business, organization or company is divided.

In 2010, the United States implemented the Foreign Account Tax Compliance Act; the law required financial firms around the world to report accounts held by US citizens to the Internal Revenue Service.

An income trust is an investment that may hold equities, debt instruments, royalty interests or real properties.