No Entity Clause Samples
The "No Entity" clause serves to clarify that the agreement does not create or recognize any separate legal entity between the parties involved. In practice, this means that the parties remain independent and are not forming a partnership, joint venture, or corporation as a result of their agreement. This clause is important because it prevents any misunderstanding or legal presumption that a new business entity has been established, thereby ensuring that each party retains its own legal status and liabilities.
No Entity. No separate entity is created hereby.
No Entity. (i) is required pursuant to contract or otherwise with any driver to segregate from its general funds monies collected for such driver or is otherwise restricted by any driver from use of those funds;
(ii) holds or is required to hold any portion of its accounts collected from any Person who is obligated on an account in respect of a driver's services in trust for such driver; or
(iii) has any fiduciary relationship or duty to any driver arising out of or in connection with any contract with any driver or the transactions contemplated thereby.
No Entity. No separate, legal or administrative entity is created by this Agreement. No real property will be acquired in the performance of this Agreement.