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:
“Parenting is a profoundly reciprocal process: we, the shapers of our children’s lives, are also being shaped. As we struggle to be parents, we are forced to encounter ourselves; and if we are willing to look at what is happening between us and our children, we may learn how we came to be who we are.”
—Augustus Y. Napier (20th century)