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Definition
| When 2 or more competent parties combine their money, labor and skills for the purpose of carrying on lawful business. |
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Definition
| Occurs because someone dose or says something that leads a 3rd party to believe that a co-ownership exist. |
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Term
| Partnership by proof of existence |
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Definition
| the way 2 people conduct their business together. |
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Definition
| a person who carries out the incorporation process and is personally liable for contracts entered into before the corporation is formed. |
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Definition
| a certain amount of money paid. |
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Term
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Definition
| A sole proprietorship also known as a sole trader, or simply proprietorship is a type of business entitywhich is owned and run by one individual and where there is no legal distinction between the owner and the business. |
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Term
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Definition
| If parties have joint liability, then they are each liable up to the full amount of the relevant obligation. So if a husband and wife take out a loanfrom a bank, the loan agreement will normally provide that they are to be "jointly liable" for the full amount. If one party dies, disappears or is declared bankrupt, the other remains fully liable. |
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