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Shareholders
The owners of a corporation.
Domestic
A company chartered in the state in which it is doing business.
Revised Uniform Partnership Act (RUPA)
Revised versions of the Uniform Partnership Act proposed in 1994 and subsequent years.
Foreign
A company chartered in a different state from the one in which it is doing business.
Articles of incorporation
The document by which a corporation is formed.
Sole proprietorship
A business owned and controlled by one person who is solely liable for its obligations.
Winding up
To conclude a partnership by paying liabilities and distributing remaining assets to partners.
Members
The owners of a limited liability company.
Alien
A company chartered in a different country from the one in which it is doing business.
Personal liability
Liability imposed against an individual.
Dissolution
The ending of a partnership.
Bylaws
Rules adopted by a corporation for governance and management.
Piercing the corporate veil
To disregard the corporate entity and and hold a corporation’s shareholders or officers personally liable for debts of the corporation.
Partnership agreement
An express written agreement governing the operation and governance of a partnership.
