g Archives - IncNow https://www.incnow.com/glossary/ Delaware LLC Incorporation Services Wed, 31 May 2023 16:23:28 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.2 Guarantor https://www.incnow.com/glossary/guarantor/ Sat, 19 Oct 2013 01:31:53 +0000 http://www.incnow.com/?post_type=glossary&p=837 An individual or entity that guarantees to pay a loan if the debtor defaults. Often used in real estate financing.

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]]> An individual or entity that guarantees to pay a loan if the debtor defaults. Often used in real estate financing.

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]]> Good Standing https://www.incnow.com/glossary/good-standing/ Sat, 19 Oct 2013 01:31:28 +0000 http://www.incnow.com/?post_type=glossary&p=836 A term used to describe an entity which has satisfied state corporate or LLC law requirements such as filing all the necessary reports and documents, having a Registered Agent, and being up-to-date with regards to all penalties and fees owed to the state.

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]]> A term used to describe an entity which has satisfied state corporate or LLC law requirements such as filing all the necessary reports and documents, having a Registered Agent, and being up-to-date with regards to all penalties and fees owed to the state.

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]]> Good Faith https://www.incnow.com/glossary/good-faith/ Sat, 19 Oct 2013 01:31:00 +0000 http://www.incnow.com/?post_type=glossary&p=833 Good faith is a legal requirement of honesty that is present in negotiation, meaning that parties cannot purposely hide things from another party or attempt to deceive them.

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]]> Good faith is a legal requirement of honesty that is present in negotiation, meaning that parties cannot purposely hide things from another party or attempt to deceive them.

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]]> Golden Parachute https://www.incnow.com/glossary/golden-parachute/ Sat, 19 Oct 2013 01:30:36 +0000 http://www.incnow.com/?post_type=glossary&p=832 Provision that gives substantial benefits to officers who are forced to leave the company through takeover or otherwise.

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]]> Provision that gives substantial benefits to officers who are forced to leave the company through takeover or otherwise.

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]]> General Partner https://www.incnow.com/glossary/general-partner/ Sat, 19 Oct 2013 01:28:54 +0000 http://www.incnow.com/?post_type=glossary&p=829 A general partner is an individual who manages an LP. In an LP, the General Partner is personally liable for business debts. To avoid personal liability, an entity like a corporation or LLC can be named as a General Partner. Passive partners are called Limited Partners.

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]]> A general partner is an individual who manages an LP. In an LP, the General Partner is personally liable for business debts. To avoid personal liability, an entity like a corporation or LLC can be named as a General Partner. Passive partners are called Limited Partners.

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]]> General Corporation https://www.incnow.com/glossary/general-corporation/ Sat, 19 Oct 2013 01:28:38 +0000 http://www.incnow.com/?post_type=glossary&p=828 A for-profit corporation which has stockholders who elect directors, who in turn appoint officers. This can be an S-Corporation or a C-Corporation, but they all “start out” as C-Corporation, unless the form 2553 tax election is made.

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]]> A for-profit corporation which has stockholders who elect directors, who in turn appoint officers. This can be an S-Corporation or a C-Corporation, but they all “start out” as C-Corporation, unless the form 2553 tax election is made.

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