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LSDefine
Simple English definitions for legal terms
company
Read a random definition: Office of Management and Budget
A quick definition of company:
Company: A company is a type of business that makes money by selling goods or services. It is like a team of people who work together to make things or provide services to customers. A company is separate from the people who own it, and it has its own rights and responsibilities under the law. There are different types of companies, such as corporations, limited liability companies, partnerships, and sole proprietorships.
A more thorough explanation:
A company is a type of business that operates to make a profit. It can take many forms, such as:
- Corporations
- Limited liability companies
- Partnerships
- Sole proprietorships
These different types of companies have their own unique characteristics, but they all share the common goal of making money.
When a company is formed, it becomes a separate legal entity from its owners. This means that the company has its own rights, liabilities, and legal capacities that are distinct from those of its owners or members.
For example, if a corporation is sued, the owners' personal assets are generally protected from being used to pay any damages. This is because the corporation is a separate legal entity that is responsible for its own actions and debts.
Overall, a company is a business organization that exists to make a profit and has its own legal identity separate from its owners.