ASSOCIATION

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 An unincorporated society; a body of persons united and acting together without a charter, but upon the methods and forms used by incorporated bodies for the prosecution of some common enterprise. It is fundamentally a large partnership, from which it differs in that it is not bound by the acts of the individual partners, but only by those of its managers or trustees, and that shares in it are transferable, and it is not dissolved by the retirement, death, or bankruptcy of its individual members.