Maryland Code, CORPORATIONS AND ASSOCIATIONS 1-404
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Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 1-404
- Conviction: A judgement of guilt against a criminal defendant.
- 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.
- 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.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
(a) Any person who owns, operates, or directs an unincorporated organization, firm, association, or other entity which includes in its name the word “corporation”, “incorporated”, or, except as provided in subsection (b) of this section, “limited” or an abbreviation of any of these words or which holds itself out to the public as a corporation is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $500.
(b) This section does not prohibit:
(1) A limited partnership from using the term “limited partnership” in its name;
(2) A limited liability company from using the terms “limited liability company” or “L.L.C.” in its name; or
(3) A limited liability partnership from using the terms “limited liability partnership” or “L.L.P.” in its name.