Business Definitions

Limited Liability Company
A form of business organization, authorized by statute in certain states, characterized by limited liability, management by members or managers, and limitations on the transferability of ownership interest.

Sole Proprietorship
A form of business in which one person owns all the assets of the business in contrast to a partnership, trust, or corporation.

Trade Name
A name used in business or trade to designate the business of the user and to which the user asserts a right to exclusive use.

Nonprofit Corporation
A corporation that is not formed for the pecuniary gain or profit of, and whose net earnings or any part of them is not distributable to its members, trustees, officers or other private persons, except for the payment of reasonable compensation for services rendered.

Limited Partnership
A type of partnership comprised on one or more general partner who manage the business, and who are personally liable for partnership debts, and one or more limited partners who contribute capital and share in profits but who take no part in running the business and incur no liability with respect to partnership obligations beyond contribution.