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Home Dictionary L LLC Operating Agreement An LLC operating agreement is a legal document that sets out the terms of a limited liability company for the members. It defines the path the business should take and brings more clarity to operations and management. In some states, an operating agreement is required as part of the creation of a legal entity. LLC operating agreements contain some template sections with standard language, but one size does not necessarily fit all. If the LLC does not have an operating agreement, it must be governed by the default rules for that state. C Corporation
September 25, 2022 An A C corporation legally separates the assets and income of the owners or shareholders from the assets and income of the corporation. Delaware Corporations
September 25, 2022 Delaware corporations are companies that are legally incorporated in the state of Delaware but can do business anywhere. Franchise
September 25, 2022 A franchise is a business in which the owner licenses his activities - along with his products, branding and knowledge - in exchange for a franchise fee. Franchisee
September 25, 2022 A franchisee is a small business owner who operates a franchise. General Partnership
September 25, 2022 A general partnership is a business consisting of two or more partners, each of whom shares the debts, liabilities and assets of the business. Incorporation
September 25, 2022 Incorporation is a way of formally organizing and starting a business. Joint Venture (JV)
September 25, 2022 A joint venture (JV) is a business agreement in which two or more parties agree to pool their resources to accomplish a specific task. Limited Company (LC)
September 25, 2022 Limited liability company (LC) is a general term for a type of business organization in which the assets and income of the owners are separate and distinct from the assets and income of the company; known as limited liability. Limited Partner
September 25, 2022 A limited partner, also known as a silent partner, is an investor, not a day-to-day manager of the business. Limited Partnership Unit (LPU)
September 25, 2022 Limited partnership units, or LPUs, are ownership units in publicly traded limited partnerships or general partnerships (MLPs). Ltd. (Limited)
September 25, 2022 Ltd. is the standard shorthand for “limited”, a form of corporate structure available in countries including the UK, Ireland and Canada, and appears as a suffix after the company name. Mutual Company
September 25, 2022 A mutual company is owned by its clients who share the profits.
Most of the time, these are insurance companies. Partnership
September 25, 2022 A partnership is an arrangement between two or more people to oversee business operations and share profits and liabilities. Public Limited Company (PLC)
September 25, 2022 PLC, or public limited company, is an abbreviation for public companies in the UK. Silent Partner
September 25, 2022 Entrepreneurs with limited capital are often looking for a silent partner to help launch the business. Strategic Alliance
September 25, 2022 A strategic alliance is an agreement between two companies that have decided to share resources for the implementation of a certain mutually beneficial project. Unlimited Liability Corporation (ULC)
September 25, 2022 An unlimited liability corporation (ULC) is a corporate structure used in the three provinces of Canada.