Who can explain FIRM, COMPANY, CORPORATE, INCORPORATION, Ltd?
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TaBa 于 1999/12/21 10:43:12 发表在 汉英
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my guess
作者：Easy - 1999/12/21 11:41:58
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A firm is an unincorporated association of more than two persons; corporation or Inc. ltd. is a group with more than two firms incorporated. company is just a general term for any such associations.
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Corporation is a limited liability company.
作者：ds - 1999/12/21 15:13:55
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In North America, a corporation or an incorporated company
is one that is chartered under the corporation act and is
a "company of limited liability" or a "limited corporation". A corporation is an entity by itself and , at least in principle, the officers, shareholders etc.. are not liable for the company's debts. (I said ,"In principle" because
if you are a small corporation , a type of ma and pa
operation, the bank will usually asked for your personal guarantee.)
"Owners" of a corporation owns the shares of the corporation. The shareholders are not liable for the debts of the company. The word "LTD" (Limited) means limited
liability.
A corporation , as I said earlier, is an"entity" by itself. This means that even when one or all the shareholder
dies, the corporation is still "alive".
The word "firm" is a general term that probably applies
to any business organization, whether incorporated or not.
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