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Generally,the procedure for declaring a forfeiture and recovering property sold on a land contract is simpler and less time-consuming than foreclosure of a mortgage.
Limited Liability Company
A commercial entity setup that integrates the benefit of paying taxes only once, as seen in partnerships or sole proprietorships, with the advantage of limited personal risk akin to that in a corporation.
Noncorporate Business
An enterprise that operates for profit but is not legally incorporated; examples include sole proprietorships and partnerships.
Limited Partnership
A business organization with one or more general partners who manage the business and assume legal debts and obligations, and one or more limited partners who are liable only to the extent of their investments.
Dissolved
The process of legally terminating the existence of an entity, such as a corporation or partnership, according to the laws of the jurisdiction in which it is registered.
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