CFR > Title 27 > Chapter I > Subchapter F > Part 71 > Subpart B – Definitions
Current as of: 2024 | Check for updates
|
Other versions
| § 71.5 | Meaning of terms |
Terms Used In CFR > Title 27 > Chapter I > Subchapter F > Part 71 > Subpart B - Definitions
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.