Simple English definitions for legal terms
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Definition: Firma is a Latin word that can mean two things. First, it can refer to a lease, which is an agreement to rent property for a certain amount of time. Second, it can refer to a corporation or partnership, which is a type of business organization where multiple people work together to make decisions and share profits.
firma
A firma is a type of business organization that can be either a corporation or a partnership. It is a legal entity that is separate from its owners and can enter into contracts, own property, and sue or be sued in court.
These examples illustrate the definition of firma because they both refer to businesses that are organized as either a corporation or a partnership. As a legal entity, a firma can conduct business, enter into contracts, and be held liable for its actions.