Asset lock
An asset lock is a legal clause that prevents the assets of a company from being used for private gain rather than the stated purposes of the organisation.
Asset locks may be incorporated into the formal structure of a "bencom" (a benefit corporation, which is a type of industrial and provident society), community interest company, or charitable organisation.
Sources and credits
This article is adapted from the Wikipedia article “Asset lock”, written by its contributors and licensed under CC BY-SA 4.0. Fathomly has changed the layout, removed citation markers, navigation and maintenance notices, and adjusted punctuation. This adapted version is shared under the same license. For references, see the original article.
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