Dictionary of Business Terms: unincorporated association
unincorporated association
organization formed by a group of people. If the organization has too many characteristics of a corporation, it may be treated like one for income tax purposes. Unique corporate characteristics are:
- perpetual life.
- limited liability.
- free transferability of interests.
- centralized management.
Dictionary of Real Estate Terms: unincorporated association
unincorporated association
an organization formed by a group of people. If the organization has too many characteristics of a corporation, it may be treated like one for income tax purposes.
Example: Many condominium associations, limited partnerships, and real estate investment trusts are examples of unincorporated associations.
