Glossary of Key Terms

• Association: A group of individuals formally organized for a joint purpose.
• Charter: A formal document granting rights or privileges by a ruler, government, or other authority.
• Collective Entity: A group or organization that acts as a single unit.
• General Incorporation Laws: Statutes that allow businesses to become corporations by meeting certain standardized legal requirements, without the need for a specific charter from the government for each individual case.
• Guild: A medieval association of craftspeople or merchants, often having considerable power and regulating trade within a specific area.
• Joint-Stock Company: A business entity where ownership is divided into shares of stock, and each share represents a portion of ownership in the company. Investors pool their capital by purchasing these shares.
• Limited Liability: A legal principle where the personal assets of a company's owners or shareholders are protected from the company's debts and obligations. Their potential loss is limited to the amount of their investment.
• Municipality: A city or town with its own local government.
• Privilege: A special right, advantage, or immunity granted to a particular person or group.
• Royal Charter: A charter granted by a monarch, often conferring specific rights and privileges to individuals or companies.

Need Classes?

Legal English innovation has several classes weekly, focusing on commercial law and other areas to help you communicate better with your clients.

+57 320-315-4781

Follow us on Instagram!

Friends on Facebook?

Like us on Linked In?