Types of Business
Business, usually unincorporated, and owned and controlled exclusively by one person. Such a business is commonly designated a “sole proprietorship.”
One who is engaged in the exercise or employment of any art or profession as contrasted with one who teaches such. (A lawyer who is engaged in the practice of his profession; a physician who is similarly engaged. Any person who is practicing a profession.” Ballantine’s Law Dictionary).
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.
Real Estate Investment Trust
(A partnership formed by a group of people pooling their capital for the purpose of investing in real estate. Ballantine’s Law Dictionary)
Joint Stock Company
An unincorporated business enterprise with ownership interests represented by shares of stock. It was recognized at common law and by statue is generally treated as an entity for certain purposes.
A legal entity in the nature of a partnership engaged in the joint prosecution of a particular transaction for mutual profit. An association of persons jointly undertaking some commercial enterprise. It requires a community of interest in the performance of the subject matter, a right to direct and govern the policy in connection therewith, and duty, which may be altered by agreement, to share both in profit and losses.
All definitions by Black’s Law Dictionary unless otherwise noted. K
This helpful document is not meant to replace the advice of an attorney.