What does successor mean in legal terms?

What does successor mean in legal terms?

noun. a person or thing that legally follows, esp a person who succeeds another in an office.

What is the successor of a company?

A successor company takes the business (products and services) of the previous companies with the goal to maintain the continuity of the business. To this end the employees, board of directors, location, equipment and even product name may remain the same or change only slightly at the moment of succession.

What is a successor to an entity?

Successor Entity means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction shall have been entered into.

What is the meaning of successor with example?

The definition of a successor is a person or thing that comes after another. The son of a king who will become king next is an example of the king’s successor. Bush was successor to Bill Clinton as President of the US.

What is the difference between heir and successor?

As nouns the difference between successor and heir is that successor is a person or thing that immediately follows another in holding an office or title while heir is someone who inherits, or is designated to inherit, the property of another.

What is a predecessor and successor?

Successor and predecessor are called as after numbers and before numbers respectively. Predecessor refers to the previous term of a particular term while the successor refers to the next term of a particular term.

What is a predecessor organization?

Predecessor Organization means any organization which was engaged in the same essential types of insurance activities as the Named Insured and in whose financial assets and liabilities the Named Insured is the majority successor in interest.

Are you a successor to another organization?

According to the IRS, your organization is a successor if you have: Been converted or merged from another organization. Installed the same officers, directors, or trustees as another organization that no longer exists and that had purposes similar to yours.

What is the predecessor of 2?

Clearly, the predecessor of 1 is 0; predecessor of 2 is 1; predecessor of 3 is 2 and so on. The whole number 0 does not have any predecessor. We observe that every whole number, other than zero, has its predecessor.

What is the successor of 15?

17
The element that comes after 15 is its successor. It can be seen that 15’s successor is 17.

What are the right of successors?

Successor rights are labour code provisions which allow a bargaining agent to continue to represent employees in a bargaining unit and also allow for the continuation of collective agreements (until the term expires) when a cohesive business or function is sold, transferred or otherwise divested.

What are the 3 kinds of succession?

The process of succession may be further classified into three distinct classes. In the order of what takes priority over the other, these are: Compulsory Succession, Testamentary Succession, and Intestate Succession.

What constitutes a successor corporation?

The basic definition of a successor corporation is a new business that directly replaces an old one. The successor takes on the assets and liabilities of the former corporation, and carries out the affairs of the old company under a new name.

What is a successor organization under the IRS?

Successor Organization. The IRS regulates the granting and continuation of tax-exempt status for nonprofit or charitable organizations.

  • Schedule G.
  • History and Legal Status.
  • Financial Relationship.
  • What is a synonym for successor?

    successor, replacement(noun) a person who follows next in order. “he was President Lincoln’s successor”. Synonyms: switch, alternate, substitute, renewal, replacement, transposition, surrogate, refilling, replenishment, substitution, replacing, permutation, heir.

    What is a successor entity?

    Successor Entity means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction shall have been entered into.