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Professor Lip was interested in why grandparents went to court to obtain custody of their grandchildren. One of the grandparents that Lip talked with commented on the issue of "parental neglect" of the grandchild. Once the issue of neglect had been identified, Lip began to notice that other grandparents also used the concept of "parental neglect" to explain why they had a legal relationship with their grandchild. Lip was
Limited Liability Company
A firm's structure that integrates the aspect of limited liability similar to a corporation with the pass-through tax benefit akin to that of a partnership or sole proprietorship.
Corporate Veil
A legal concept that separates the actions and liabilities of a corporation from its shareholders, protecting them from personal liability.
Syndicate
A group of individuals or firms that join together to finance a project; also called an investment group.
Corporation
A legal entity that is separate from its owners, offering limited liability to its shareholders, and able to own property, enter contracts, and sue or be sued.
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