Reciprocal V LLC, LP and GP
Reciprocals have been compared to limited liability companies (LLCs), limited partnerships (LPs), and general partnerships (GPs).
Members of a reciprocal may be either a natural person, an LLC or LP, a partnership, or a corporation. In some states, municipalities form reciprocals to cross-indemnify towns, cities, villages, and counties. Reciprocals are sometimes confused with incorporated mutual insurance companies.
Read more about this topic: Reciprocal Inter-insurance Exchange
Famous quotes containing the word reciprocal:
“Of course we will continue to work for cheaper electricity in the homes and on the farms of America; for better and cheaper transportation; for low interest rates; for sounder home financing; for better banking; for the regulation of security issues; for reciprocal trade among nations and for the wiping out of slums. And my friends, for all of these we have only begun to fight.”
—Franklin D. Roosevelt (1882–1945)