Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

General Partnership

General Partnership

A partnership where all partners have joint ownership. They share the profit, losses and management equally and each has personal liability for all the debts.

 

Gift Over

A device used in wills and trusts to provide for the gift of property to a second recipient if a certain event occurs, such as the death of the first recipient. For example, I give you my car but on your death you must give it to your child, that is a gift over to the benefit of your child.

 

Goodwill

An intangible business asset, which includes a cultivated reputation and consequential attraction and confidence of repeat customers and connections.

 

Gram Panchayat

A group of senior and wise people considered the covering body of a village.

 

Grant

Transfer of title from the government to the first titleholder of a piece of property.

 

Grantee

The person receiving a grant, or buying property.

 

Grantor

The person issuing the grant, or selling property.

 

Guarantor

A person who pledges collateral for the contract of another, but separately, as part of an independently contract with the oblige of the original contract.

 

Guardian

An individual who, by legal appointment or by the effect of a written law, is given custody of both the property and the person of one who is unable to manage their own affairs, a child or mentally-disabled person.

 

Guide Line

The rules or laws demarked by the govt. to be followed in any deals very in different states.