A limitation on the legal liability of a person or business, such as a corporation limiting the liability of shareholders to the amount spent investing in the business (absent exceptions) for the debts, claims and other liabilities of a corporation. … [Read more...]

Properly speaking lineage is the relationship of persons in a direct line; as the grandfather, the father, the son, the grandson. Race; progeny; family, ascending or descending. … [Read more...]

Commonly abbreviated as LLC, it is a corporate vehicle that provides limited liability such as corporations with the pass through treatment of gains and losses to owners on their personal income tax returns as is the manner of partnerships. … [Read more...]

That which comes in a line. Lineal consanguinity is that which subsists between persons, one of whom is descended in a direct line from the other. Lineal descent, is that which takes place among lineal kindred. That which comes in a line; especially a direct line, as from father to son. Collateral relationship is not called "lineal," though the expression "collateral line," is … [Read more...]

A partnership that prevents each partner from being sued for personal liability due to the negligent acts committed by other partners or employees not under the partner's direct control. Most states limit the types of professionals who may form such entities which usually includes lawyers, accountants, healthcare providers and architects. … [Read more...]