Sole Proprietorship - Law Dictionary Search Results

Home Dictionary Name: sole proprietorship

sole proprietorship

sole proprietorship : a business owned and controlled by one person who is solely liable for its obligations compare corporation, partnership ...

proprietorship

proprietorship 1 : the fact or state of being a proprietor 2 : a business entity consisting of a single owner : sole proprietorship compare corporation, partnership ...

corporation [Late Latin corporatio, from Latin corporare to form into a body, from corpor- corpus body] : an invisible, intangible, artificial creation of the law existing as a voluntary chartered association of individuals that has most of the rights and duties of natural persons but with perpetual existence and limited liability see also pierce compare association, partnership, sole proprietorship close corporation [klōs-] : a corporation whose shares are held by a small number of individuals (as management) and not publicly traded ;specif : small business corporation in this entry called also closely held corporation compare public corporation in this entry foreign corporation : a corporation organized under the laws of a state or government other than that in which it is doing business government corporation : public corporation in this entry moneyed corporation : a corporation (as a bank) authorized to engage in the investment, exchange, or lending of moneyed capit...

partnership

partnership : an association of two or more persons or entities that conduct a business for profit as co-owners see also Uniform Partnership Act in the Important Laws section compare corporation, joint venture, sole proprietorship NOTE: Except in civil law as practiced in Louisiana, where a partnership, like a corporation, is considered a legal person, a partnership is traditionally viewed as an association of individuals rather than as an entity with a separate and independent existence. A partnership cannot exist beyond the lives of the partners. The partners are taxed as individuals and are personally liable for torts and contractual obligations. Each partner is viewed as the other's agent and, traditionally, is jointly and severally liable for the tortious acts of any one of the partners. commercial partnership : trading partnership in this entry family partnership : a partnership in which the partners are members of a family general partnership : a partnership in which ea...

Sole, Corporation

Sole, Corporation, one person and his successors, who are incorporated by law, in order to give them some legal capacities and advantages, particularly that of perpetuity, which in their natural persons they could not have had; as the sovereign, a bishop, parson, etc., Steph. Com., 7th Edn., i. 358; iii. 4.The word 'successors' was essential in order to pass the fee simple in a grant to a corporation sole; without it, a life estate only passes: Co. Litt. 94 b. Words of limitation are not now necessary to convey land to a corporation sole [(English) Law of Property Act, 1925, s. 60], and by s. 180 (ibid.) any property which vested at any time in a corporation sole, including the Crown, passes and always has passed to his successors unless disposed of by him, and on his death it does not pas to his personal representatives but to his successor [Administration of Estates Act, 1925, s. 3 (5)]. In the event of a vacancy in office, see s. 180, L.P. Act, 1925. As to the property on a dissolut...

Corporation sole and corporation aggregate

Corporation sole and corporation aggregate, there is a juristic distinction between a corporation sole and a corporation aggregate and the corporation sole is not endowed with a separate legal personality as the corporation aggregate, S. Govinda Menon v. Union of India, AIR 1967 SC 1274 (1279): (1967) 2 SCR 506....

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Sole Proprietorship - Law Dictionary Search Results