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How is Legal Status defined in a legal contract?

• Legal Status means the categorization of a bidder as either proprietorship, partnership, private or public limited company, or otherwise. Seen in 60 SEC filings
• Legal Status means the status of a bidder identified as either proprietorship, partnership, private/public limited company, or otherwise specified. Seen in 17 SEC filings
• Legal Status means the classification of a bidder as either a proprietorship, partnership, private/public limited company, or other. Seen in 7 SEC filings
• Legal Status means the determination of whether the customer borrowing is a single entity, a sole proprietorship, or a non-profit private entity. Seen in 2 SEC filings
• Legal Status means The definition of a bidder as either a proprietorship, partnership, private or public limited company, or OEM, or otherwise as specified. Seen in 2 SEC filings

Note: pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.

yourself to verify these results. We are always keen to point people to source documents.

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Which definition should you use?

🤔 has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1:

Legal Status means the classification of an entity as a proprietorship, partnership, private/public limited company, or other specified type.

Relevant Contract Types

• Partnership Agreement
• Operating Agreement
• Business Purchase Agreement

Relevant Circumstances

• Formation of a new business
• Transition of a business from one type to another (e.g., from a sole proprietorship to a partnership)
• Acquisition or sale of an existing business

Relevant Sectors

• Small Business Sector
• Corporate Sector

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Genie Definition 2:

Legal Status means the determination of a customer entity as a sole proprietorship, single entity, or non-profit.

Relevant Contract Types

• Service Agreement
• Client Agreement
• Non-profit Bylaws

Relevant Circumstances

• Formation of a service contract with a new client
• Establishment of a non-profit organization
• Transacting with single individuals for goods or services

Relevant Sectors

• Non-profit Sector
• Professional Services Sector

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