Examlex
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Bankruptcy
A legal process for individuals or businesses that are unable to repay their outstanding debts, allowing them to eliminate or repay some or all of their debts under the protection of the bankruptcy court.
Credit
Credit refers to the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately but promises either to repay or return those resources (or other materials of equal value) at a later date.
RULLCA
The Revised Uniform Limited Liability Company Act, which provides a comprehensive legal framework for the formation, operation, and dissolution of LLCs in the jurisdictions that adopt it.
Automatic Dissolution
The process by which a legal entity, such as a company or partnership, is dissolved without the need for legal actions by its members or shareholders.
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