Business, Legal & Accounting Glossary
a formal organization of people or groups of people
(often in names) a group of people organized for a joint purpose.
n. any group of people who have joined together for a particular purpose, ranging from social to business, and usually meant to be a continuing organization. It can be formal, with rules and/or bylaws, membership requirements and other trappings of an organization, or it can be a collection of people without structure. An association is not a legally established corporation or a partnership. To make this distinction the term “unincorporated association” is often used, although technically redundant.
An association is any group of people operating together for a common purpose. An unincorporated association is an association that has no distinct legal personality apart from its members. The law that applies to any unincorporated association is the law that applies to its members. However, an association that takes the form of a corporation (e.g. a registered company) is a distinct legal entity in its own right. This type of association may own land, sue, be sued, and enter into contracts as a separate ‘legal person’.
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This glossary post was last updated: 26th April, 2020 | 2 Views.