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Simple English definitions for legal terms
firma
Read a random definition: factor's lien
A quick definition of firma:
Definition: Firma is a Latin word that can mean two things. First, it can refer to a lease, which is an agreement to rent property for a certain amount of time. Second, it can refer to a corporation or partnership, which is a type of business organization where multiple people work together to make decisions and share profits.
A more thorough explanation:
firma
A firma is a type of business organization that can be either a corporation or a partnership. It is a legal entity that is separate from its owners and can enter into contracts, own property, and sue or be sued in court.
- ABC Corporation is a firma that sells electronics.
- XYZ Partnership is a firma that provides legal services.
These examples illustrate the definition of firma because they both refer to businesses that are organized as either a corporation or a partnership. As a legal entity, a firma can conduct business, enter into contracts, and be held liable for its actions.