A C corporation is a legal entity that is separate and distinct from its owners. This means that the corporation itself can be held liable for its actions and debts, and its owners are not personally responsible. The main advantage of this structure is that it provides limited liability protection to the owners. This means …
Capital refers to the amount of money that has been invested in a company or enterprise. It is also used to describe the funds available to a business to grow, expand, and create tangible assets. In essence, capital represents the financial foundation of a company or venture. The amount of capital required to start and …
A capital gain is an increase in the value of a capital asset (such as real estate or shares in a company), resulting in a financial profit for the owner. The calculation of a capital gain is usually based on the difference between the purchase price and the selling price of the asset. If the …
The Cayman Islands are a British Overseas Territory located in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located to the south of Cuba and northeast of Honduras. The capital city is George Town, which is situated on Grand Cayman. The islands have …
A central bank is a financial institution that provides financial and banking services for its country’s government and commercial banks. Its primary function is to manage the country’s money supply and regulate the banking system. A central bank also plays a role in providing financial stability, by acting as a lender of last resort to …
The Certificate of Good Standing, also known as the “Certificate of Existence” or “Certificate of Authorization”, is a document issued by the state in which a company is incorporated or registered, attesting that the company is in compliance with all state requirements and is authorized to do business in the state. The Certificate of Good …
A certificate of incumbency is a document that lists the current officers of a company. This document is usually signed by the president or secretary of the company and can be used to prove that the signer is authorized to act on behalf of the company.
Civil law systems, also known as Continental or Romano-Germanic legal systems, are those that have developed out of the European continental legal tradition. Civil law systems are characterized by comprehensive codes that seek to cover all areas of law, codification of private law, and a strong role for courts in interpreting the law. Many countries …
Collateral refers to an asset that a borrower offers to a lender as security for a loan. The collateral serves as protection for the lender in the event that the borrower is unable to repay the loan. If the borrower defaults on the loan, the lender can seize the collateral and sell it in order …
Common law is a system of law that is based on judicial precedents, as opposed to statutory law. This means that common law is derived from the decisions of judges, rather than from statutes enacted by legislatures. In countries that have a common law system, judges play a key role in developing the law, and …
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