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Glossary of Terms

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Legal Identifier

The legal element of an incorporated business name which indicates its limited liability status, and which must appear at the end of the corporate name. Examples: Limited, Ltd., Incorporated, Inc., Corporation, Corp. Also called a “corporate identifier”.

Legal Liability

A legal liability is a legal obligation of a person or business entity to pay a debt or other obligation.

Limited Liability

Limited liability is a legal concept whereby a person\'s financial liability is limited to a fixed sum, most commonly the value of a person\'s investment in a corporation or partnership with limited liability.

Limited Partnership

A partnership made up of one or more general partners who manage the business and are personally liable for its debts, and one or more limited partners who contribute capital and share in the profits, but who take no part in running the business and have no liability with regard to partnership debts beyond their capital investment.


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