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An unincorporated entity will generally be a separate entity for accounting purposes, but may or may not be a separate legal entity. For example, partnerships in England and Scotland are separate entities for accounting purposes, but while English partnerships are not separate legal entities, in Scotland they are separate legal persons.
Societăți de persoane (Unincorporated companies, also called Partnerships) Societatea în nume colectiv, abbreviated SNC (General Partnership, abbreviated GP) Societatea în comandită simplă, abbreviated SCS (Limited Partnership, abbreviated LP) Societăți de capitaluri (Incorporated companies, also called Corporations)
"Unincorporated" indicates that the association is not a legal person: it has no rights or duties in itself, and cannot acquire any. If, say, the group of people wants to enter into a contract to hire a football pitch (with the right to use it and the duty to pay for it), then the association cannot do this but must appoint someone (usually one ...
There are a number of legal benefits that come with incorporation. One significant legal benefit is the protection of personal assets against the claims of creditors and lawsuits. Sole proprietors and general partners in a partnership are personally and jointly responsible for all the legal liability (LL) of a business such as loans, accounts payable, and legal
Municipal corporation is the legal term for a local governing body, including (but not necessarily limited to) cities, counties, towns, townships, charter townships, villages, and boroughs. [1] The term can also be used to describe municipally owned corporations .
An LLC is a type of unincorporated association, distinct from a corporation. The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. As a business entity, an LLC is often more flexible than a corporation and ...
A corporation sole is a legal entity consisting of a single ("sole") incorporated office, occupied by a single ("sole") natural person. [1] [2] This structure allows corporations (often religious corporations or Commonwealth governments) to pass without interruption from one officeholder to the next, giving positions legal continuity with subsequent officeholders having identical powers and ...
The German Civil Code sets out different rights and rules for an unincorporated association (nicht eingetragener Verein) with legal identity (Vereine, art. 21–79 BGB) versus an incorporated association (eingetragener Verein) with full legal personality, which the law treats as partnerships (Gesellschaften, art. 705–740 BGB).