Limited liability companyA Limited liability company (denoted by L. or LLC is a type of legal entity which has only relatively recently been made possible to establish in the United States and many other, mainly anglophone, countries. An LLC is similar to a corporation and a limi
FiduciaryFiduciary duty' is one of the duties that corporate directors and officers have towards a corporation. Broadly speaking, fiduciary duties can be grouped into three categories: Duty of Loyalty. A director must act in accordance with the interests of the co
PartnershipIn the common law, a partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which they have all invested. There are two types of partners. General partners have an obligation o
AgencyAgency is an area of law dealing with a contractual or quasi-contractual relationship between at least two parties in which one, the principal authorizes the other, the agent to represent her or his legal interests and to perform legal acts that bind the
EscrowEscrow is a legal arrangement whereby a thing (often money, but sometimes other property such as art, a deed of title, or software source code) is delivered to a third party (called an escrow agent) to be held in trust pending a contigency or the fulfullm
TrusteeThe word trustee is a legal term that refers to a member of a trust, which can be set up for any of a variety of purposes, and is entrusted with the administration of property on behalf of others. In the case of charities in the UK, a trustee is an unpaid of a trustThe term trust has several meanings: In sociology, trust is willing acceptance of one person's power to affect another. It is discussed more formally in the articles on social capital, profession and authority. There is much dispute on whether degrees of or executor of an estate; see also trusts and estates
