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LSDefine
Simple English definitions for legal terms
trade association
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A quick definition of trade association:
A trade association is a group of businesses that are similar and have similar concerns. They come together to protect each other, share ideas and information, and create industry standards. They may collect data, advertise, market, and engage in public relations and government relations. It's like a club for businesses!
A more thorough explanation:
A trade association is a group of businesses that have similar concerns and are engaged in similar fields. They form this association for mutual protection, the interchange of ideas and statistics, and the establishment and maintenance of industry standards.
For example, the Chemical Manufacturers Association is a trade association composed of members of a single industry, while the Consumer Mortgage Coalition is a trade association composed of members having a common interest or purpose. These associations collect industry data, advertise, market, and engage in public relations and government relations.
Trade associations are important because they help businesses in the same industry work together to solve common problems and improve their industry as a whole.