Examlex
Water and Class A fire extinguishers should never be used on energized electric equipment (Class C fires), because the electric charge can follow the water stream to the holder, causing instant electrocution.
Limited Liability Company
An organizational model that integrates the tax treatment of a partnership or sole proprietorship with the benefit of limited liability offered by a corporation.
Establish
To set up or lay the foundation for something, often referring to creating a new business, institution, or system.
General Partners
Individuals in a partnership who have full liability for the debts of the partnership and take part in managing the business.
Conversion Clause
A provision in a contract or policy allowing for the change of one form of benefit or contract to another, such as converting from a term to a whole life insurance policy.
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