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Warning
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Simple English definitions for legal terms
association
Read a random definition: in bank
A quick definition of association:
An association is a group of people who come together for a specific reason. They might be a club, a group of neighbors who work together to keep their community nice, or a group of people who want to make a change in the world. Sometimes, associations don't have to pay taxes, but if they act too much like a company, they might have to. The word "association" can also mean the act of meeting people and sharing ideas.
A more thorough explanation:
An association is a group of people who come together for a specific purpose. They are usually tax-exempt under nonprofit501 exemption, but if they have certain features that make them look like a corporation, they may still have to pay taxes.
Examples of associations include:
- Homeowners associations
- Condominium associations
- Social advocacy groups
These associations are formed to serve a specific purpose. For example, a homeowners association may be formed to maintain the common areas of a neighborhood, while a social advocacy group may be formed to promote a particular cause or issue.
Association is also a term used to describe the act of meeting people and sharing ideas. This is protected under the First Amendment of the U.S. Constitution, which guarantees freedom of association.