Glossary of Terms

Organization Type
Corporation - A legal entity operating under a grant of authority from a state or other political autonomy in the form of articles of incorporation or a charter.

Individual - A unit or element of a population or universe which exists as a distinct, separate, indivisible entity.

LLC (Limited Liability Company/Corporation - A corporation or partnership in which the owners cannot lose more than they contribute to the corporation or partnership unless they agree to become personally liable.

Partnership - An organization of two or more persons who pool some or all their money, abilities, and skills in a business and divide profit or loss in predetermined proportions. The partners are individually responsible for debts of the partnership.

Proprietorship - An unincorporated business which is owned by a single person who has the rights to all of the profits and the responsibility for all the business liabilities.