joint and several liabilities
21liability — 1) In the broad legal sense, responsibility or obligation. For example, a person is liable to pay his debts, under the law; 2) In accounting, any debt owed by an individual or organization. Current, or short term, liabilities are those to be paid …
22liability — The word is a broad legal term. Mayfield v. First Nat. Bank of Chattanooga, Tenn., C.C.A.Tenn., 137 F.2d 1013, 1019. It has been referred to as of the most comprehensive significance, including almost every character of hazard or responsibility,… …
23liability — The word is a broad legal term. Mayfield v. First Nat. Bank of Chattanooga, Tenn., C.C.A.Tenn., 137 F.2d 1013, 1019. It has been referred to as of the most comprehensive significance, including almost every character of hazard or responsibility,… …
24liability — li·a·bil·i·ty /ˌlī ə bi lə tē/ n pl ties 1: the quality or state of being liable 2: something for which one is liable: as a: a financial obligation: debt tax liability the bonds …
25Partnership (China) — A partnership in the People s Republic of China is a business entity governed by the [http://www.fdi.gov.cn/pub/FDI EN/Laws/GeneralLawsandRegulations/BasicLaws/P020061018643910006967.pdf Partnership Enterprise Law] passed by order of the… …
26Unlimited liability corporation — Unlimited Liability Corporations exist in two of Canada s 10 provinces Alberta (AULCs for Alberta Unlimited Liability Corporation) and Nova Scotia (NSULCs for Nova Scotia Unlimited Liability Company). Alberta Unlimited Liability Corporations… …
27Agency (law) — Agency is an area of commercial law dealing with a contractual or quasi contractual tripartite set of relationships when an Agent is authorized to act on behalf of another (called the Principal) to create a legal relationship with a Third Party.… …
28contract — con·tract 1 / kän ˌtrakt/ n [Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com with, together + trahere to draw] 1: an agreement between two or more parties that creates in each party a duty to… …
29Limited partnership — A limited partnership is a form of partnership similar to a general partnership, except that in addition to one or more general partners (GPs), there are one or more limited partners (LPs).The GPs are, in all major respects, in the same legal… …
30Unlimited Liability — A type of business where owners share joint and several responsibility for the entire amount of debt and other liabilities amassed by the business. Unlimited liability is not capped at a maximum amount and exists regardless of the amount of… …
