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520 Main Street, Room 102
Quincy, CA. 95971
(530) 283-6218
(530) 283-6155 - FAX
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Notice
The County Clerk-Recorder and deputy clerk-recorders are prohibited
from rendering legal advice or assistance (Government Code Sections
24004 and 68082). The following information is taken from Black's Law
Dictionary, Revised Fourth Edition, and is not intended to provide exact
legal definitions under California law or to supplant the need to
consult an attorney.
Business Trust
As distinguished from a joint-stock company, a pure "business
trust" is one in which the managers are principals, and the share
holders are estuis que trust (those who have a right to a beneficial
interest in and out of an estate, the legal title to which is vested in
another).
Co-Partnership
A partnership (a voluntary contract between two or more competent
persons to place their money, effects, labor, and skill, or some or all
of them, in lawful commerce or business, with the understanding that
there shall be a proportional sharing of the profits and losses between
them).
Corporation
An artificial person or legal entity created by or under the authority
of the laws of a state or nation, composed, in some rare instances, of a
single person and his successors, being the incumbents of a particular
office, but ordinarily consisting of an association of numerous
individuals, who subsist as a body politic under a special denomination,
which is regarded in law as having a personality and existence distinct
from that of its several members, and which is, by the same authority,
vested with the capacity of continuous succession, irrespective of
changes in its membership, either in perpetuity or for a limited term of
years, and of acting as a unit or single individual in matters relating
to the common purpose of the association, within the scope of the powers
and authorities conferred upon such bodies by law.
General Partnership
A partnership in which the parties carry on all their trade and
business, whatever it may be, for the joint benefit and profit of all
the parties concerned, whether the capital stock be limited or not, or
the contributions thereto be equal or unequal.
Individual
A single person as distinguished from a group or class.
Individuals (Husband and Wife)
One of the great domestic relationships; being that of a man and woman
lawfully joined in marriage, by which, at common law, the legal
existence of a wife is incorporated with that of her husband.
Joint Venture (Joint Adventure)
A commercial or maritime enterprise undertaken by several persons
jointly; a limited partnership, - - not limited in the statutory sense
as to the liability of the partners, but as to its scope and duration.
Limited Partnership
A partnership consisting of one or more general partners, jointly and
severally responsible as ordinary partners, and by whom the business is
conducted, and one or more special partners, contributing in cash
payments a specific sum as capital to the common stock, and who are not
liable for the debts of the partnership beyond the fund so contributed.
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