wFinal completion date is Feb 15th, 2016.

See https://confluence.atlassian.com/conf53/working-with-tables-411108559.html for table editing capabilities.

#ResOntologyElementDiff NoteJIRA Issue EDMCJIRA Issue OMGPriorityAssignedStatus

Completion

Date

1 LegalPersons.rdf# imports: http://spec.edmcouncil.org/fibo/BE/LegalEntities/FormalBusinessOrganizations/
# imports: http://spec.edmcouncil.org/fibo/BE/LegalEntities/LEIEntities/

Remove these imports as they introduce circular dependencies.  Migrate content from BusinessEntities.rdf into LegalPersons.rdf


and change all current classes and object properties in BusinessEntities.rdf to the LegalPersons namespaces and all cascading references that use BusinessEntities content. Remove reference to "http://spec.edmcouncil.org/fibo/BE/LegalEntities/BusinessEntities" in AboutBE-1.0.rdf (and in other About and ontology files e.g. AboutBE-UK-1.0.rdf, AboutBE-US-1.0.rdf)

BE-96n/a1DADetailed Instructions Line 1Jan 15
2  JuridicalPerson

class JuridicalPerson is a subClassOf LegalPerson

add restriction isLegallyDefinedIn some GeopoliticalEntity

make JuridicalPerson disjoint with LegallyCapablePerson.

Instances of NaturalPerson must be changed to LegallyCapablePerson

Yellow made JuridicalPerson a subclass of LegalEntity and FormalOrganization.  Action is to remove these relations in Yellow because not all subclasses of JuridicalPerson are FormalOrganizations or LEICapableEntities

BE-51

BE-53

New1   
3  BusinessEntities.rdf

####Merge this ontology into LegalPersons.rdf by doing the following:

Merge this ontology into FormalBusinessOrganizations.rdf by doing the following:

add class BusinessEntity as a subClassOf FormalOrganization

add label "business entity"

add skos:definition: "an entity that is formed and administered as per commercial law in order to engage in business activities"

add explanatoryNote: "Most often, business entities are formed to sell a product or a service. "

add explanatoryNote: "There are many types of business entities defined in the legal systems of various countries. These include corporations, cooperatives, partnerships, sole traders, limited liability company and other specifically permitted and labelled types of entities. The specific rules vary by country and by state or province. Some of these types are listed below, by country. For guidance, approximate equivalents in the company law of English-speaking countries are given in most cases, e.g. public limited company (UK and Ireland)≈ Ltd. (UK and Ireland)≈ limited partnership, etc.However, the regulations governing particular types of entity, even those described as roughly equivalent, differ from jurisdiction to jurisdiction."

add definitionOrigin: http://en.wikipedia.org/wiki/Types_of_business_entity

add editorialNote: "Included in the definition of business entity is unincorporated associations and civc groups, informal social groups and recreational groups since banks will onboard these entities with business accounts"

add restriction: hasObjective some BusinessObjective

add restriction: isLegallyDefinedIn min 0 (hasReach some GeopoliticalEntity)

BE-96FIBOBE_91DA  
3.1  allowsLiabilityOn

add ObjectProperty allowsLiabilityOn

add label: "allows liability on"

add definition: "some form of liability may be associated with the party's relationship to the business"

add domain: "BusinessEntity"

add range: "IndependentParty"

      
3.2  allowsLimitedLiabilityOn

add ObjectProperty allowsLimitedLiabilityOn as a subPropertyOf allowsLiabilityOn

add label: "allows limited liability on"

add definition: "is where an independent party's financial liability is limited to a fixed sum, most commonly the value of the party's investment in the business entity."

add adaptedFrom: http://en.wikipedia.org/wiki/Limited_liability

add explanatoryNote: "If a company with limited liability is sued, then the plaintiffs are suing the company, not its owners or investors. A shareholder in a limited company is not personally liable for any of the debts of the company, other than for the value of their investment in that company."

domain: BusinessEntity

range: IndependentParty

add disjoint relation with: allowsUnlimitedLiabilityOn

      
3.3  allowsUnlimitedLiabilityOn

add ObjectProperty allowsUnlimitedLiabilityOn as a subPropertyOf allowsLiabilityOn

add label: "allows unlimited liability on"

add definition: "is where the assets of the business entity as well as the personal assets of the owners and investors are fully liable for the debts and liabilities of the business entity"

add adaptedFrom: http://www.investopedia.com/terms/u/unlimited-liability.asp

add explanatoryNote: "In corporations and private limited companies, unlimited liability is assumed by the entity itself. The assets of the firm can be seized to satisfy debts. However, the personal assets of shareholders are protected outside of the amount of their investments in the firm. For general partnerships and sole proprietorships, owners/investors share joint and several responsibility for the entire amount of debt and other liabilities amassed by the business. Unlimited liability is not capped at a maximum amount and exists regardless of the amount of investment each owner has personally made. If the business is unable to meet any financial obligations or settle any outstanding liabilities, the owner's personal assets can be seized to satisfy the debts."

set domain: BusinessEntity

set range: IndependentParty

add disjoint relation with: allowsLimitedLiabilityOn

      
3.31  allowsUnlimitedLiabilityOnEntity

add ObjectProperty allowsUnlimitedLiabilityOnEntity as a subPropertyOf allowsUnlimitedLiabilityOn

add label: "allows unlimited liability on entity"

add definition: "is where the assets of the business entity are fully liable for the debts and liabilities of the business entity"

      
3.4  hasActiveParty

add hasActiveParty as an ObjectProperty

add label: "has active party"

add skos:definition: "has responsibility for the management and actions of the business, and can legally bind the business"

domain: BusinessEntity

range: IndependentParty

add disjoint relation with: hasPassiveParty

      
3.5  hasPassiveParty

add hasPassiveParty as an ObjectProperty

add label: "has passive party"

add skos:definition: "has no role in the management of the business entity other than providing a financial investment"

add domain: BusinessEntity

add range: IndependentParty

add disjoint relation with: hasActiveParty

      
3.6  isLegallyDefinedIn

add isLegallyDefinedIn as an ObjectProperty

add label: "is legally defined in"

add skos:definition: "a legal entity is enacted by legislation within a specific jurisdiction that has reach over a specific geopolitical area"

add domain: JuridicalPerson

add range: GeopoliticalEntity

add property chain: isEstablishedBy o isInForceIn o hasReach subPropertyOf isLegallyDefinedIn

      
3.7  isEstablisedBy

add isEstablishedBy as an ObjectProperty

add label: "is established by"

add skos:definition: "a legal entity is formed by some legislation or law"

add domain: JuridicalPerson

add range: Law

      
3.8  establishes

add establishes as an ObjectProperty

add label: "establishes"

add inverse relation: isEstablishedBy

add skos:definition: "an act of legislation or law that creates a legal entity"

add domain: Law

add range: JuridicalPerson

      
4  SupraNationalEntityThis should actually be defined in LegalPersons as a subClassOf JuridicalPerson instead of being defined in LEIEntities. (see line 33)  1   
5  CharteredLegalPerson

change class name to CharteredBody. Ensure that it is a subclass of JuridicalPerson. 

change label to : "chartered body"

change skos:definition to: "a legal entity created by a royal charter or decree."

NewFIBOBE_-21EK  
6   

 

  1   
7  LegalEntity

Deleted LegalEntity in LegalPersons.rdf so that we could create LEIEligibleEntity in LEIEntities.rdf. 

LegalEntityIdentifier restriction also moves to LEIEligibleEntity

NewNew1   
8  LegalPerson

ensure label is "legal person"

change skos:definition: "to be capable of having legal rights and obligations  within a certain legal system, such as entering into contracts, suing, and being sued."

add explanatory note: " Legal personality is a prerequisite to legal capacity, the ability of any legal person to amend (enter into, transfer, etc.) rights and obligations. In international law, consequently, legal personality is a prerequisite for an international organization to be able to sign international treaties in its own name."

remove adaptedFrom

add definitionOrigin: "https://en.wikipedia.org/wiki/Legal_personality"

addrestriction:  hasCapacity some ContractualCapacity

add restriction: hasCapacity some LitigationCapacity

BE-66New1EK  
9  NaturalPersonBE-91 deleted NaturalPerson since we discovered that the definition is really the same as Person, which already exists in FND.  For BE we replaced NaturalPerson with LegallyCapablePerson as a subclass of JuridicalPerson. (see line 18)BE-51FIBOBE_61   
10  LimitedLiability

add class LimitedLiability as a subClassOf LiabilityCapacity

add label: "limited liability"

add definition: "a type of liability that does not exceed the amount invested in a partnership or limited liability company."

add definitionOrigin: http://www.investopedia.com/terms/l/limitedliability.asp

add explanatoryNote: "In a partnership, the limited partners have limited liability, while the general partner has unlimited liability. The limited liability feature protects the investor's or partner's personal assets from the risk of being seized to satisfy creditor claims in the event of the company's or partnership's insolvency."

add explanatoryNote: "The limited liability feature is one of the biggest advantages of investing in publicly listed companies. While a shareholder can participate wholly in the growth of a company, his or her liability is restricted to the amount of the investment in the company, even if it subsequently goes bankrupt and racks up millions or billions in liabilities."

BE-91 added LimitedLiability in order to provide restrictions for LimitedParters and LimitedLiabilityGeneralPartners as subclasses of LiabilityCapacity

NewNew1   
11  UnlimitedLiability

add class UnlimitedLiability as a subClassOf LiabilityCapacity

add label: "unlimited liability"

add skos:definition: "full liability for the debt and other obligations of a legal entity."

add definitionOrigin: "http://financial-dictionary.thefreedictionary.com/Unlimited+Liability"

add explanatoryNote: "For corporations, partnerships, limited liability companies, trusts and other juridical persons, the assets of the entity itself may be subject to unlimited liability; while the shareholders and or owners may be subject to limited liability depending upon the terms of the agreement that formed the entity."

add explanatoryNote: "For general partners and sole proprietors unlimited liability is not capped at a maximum amount and exists regardless of the amount of investment each owner has personally made. If the business is unable to meet any financial obligations or settle any outstanding liabilities, the owner's personal assets can be seized to satisfy the debts."

BE-91 added UnlimitedLiability in order to provide restrictions for UnlimitedLiabilityGeneralPartners as subclasses of LiabilityCapacity

NewNew1   
12  PowerOfAttorney

ensure label is: "power of attorney"

change skos:definition to: "written legal authority given by one party (the principal) to another (the agent or attorney-in-fact) to act on the principals behalf."

add explanatoryNote: " It may be a (1) General power Of attorney that authorizes the agent to act generally on behalf of the principal, or (2) Special power of attorney that is limited to a specific act or situation. Decisions made and actions taken by an attorney in fact (within the scope of his or her authority) are legally binding on the principal. A power of attorney can remain in force only so long as the principal is alive and does not become disabled or incapacitated. Although it is often conferred on the principals attorney, one does not need to be an attorney at law to be an attorney-in-fact."

BE-91 made Power of Attorney refer to LegallyCapablePerson instead of NaturalPerson

change restriction to: isConferredOn min 1 LegallyCapablePerson

BE-51New1   
13  Signatory

BE-91 changed Signatory to refer to LegallyCapablePerson instead of NaturalPerson

The definition of SignatoryCapacity should change to refer to LegallyCapablePerson instead of NaturalPerson

change skos:definition to: "an agent who has the capacity to sign contracts on the part of some legal person"

ensure there is a restriction: hasIdentity exactly 1 LegallyCapablePerson

ensure there is restriction: isPlayedBy some (hasCapacity min 1 SignatoryCapacity)

BE-51New1   
14  StatutoryBody

BE-91 changed the defintion and adaptedFrom for StatutoryBody.

Moved prior definition to be the explantoryNote in a new class called StatutoryAuthority that is now in the plugin UKLEIEntities.rdf and that is a subClassOf StatutoryBody.

change skos:defintion: "a juridical person which is created and given legal personhood by act of statute."

change StatutoryBody to be a subClassOf LEICapableEntity instead of having StatutoryAuthority as being the subClassOf LEICapableEntity

NewNew1   
15  advises

add ObjectProperty advises.  This will be needed for RegW, Brokerage, etc.

add label: "advises"

add skos:definition: "to offer counsel; give advice or recommend particular actions, conduct, etc"

add definitionOrigin: http://dictionary.reference.com/browse/advise

add editorialNote: "This pertains primarily to financial, investment, business and legal guidance"

add domain: LegalPerson

add range: LegalPerson

YesYes1   
16  isOrganizedInchange domain from LegalEntity to JuridicalPersonNewFIBOBE_-21DN, EK  
17  LegallyCapablePerson

Make LegallyCapablePerson a subClassOf JuridicalPerson

BE-91 made fnd:IncapacitatedAdult disjoint with fnd:LegallyCapablePerson
This is really a feature that should be completed in FND, not BE.
Action: write up a JIRA issue for FND

NewNew1   
18    NewNew1   
19A BusinessObjective

add BusinessObjective as a subClassOf Objective.

add skos:definition "an objective that allows a business entity to define its goals and direction.

add explanatoryNote: "A company uses strategy and tactics at every level of its operation to achieve its objectives. These define the way a company allocates its resources and the strengths, weaknesses and opportunities it may have. Companies usually do not alter their objectives once they are implemented, unless changes in circumstances arise. Setting a clear course for the organization is key to its success"

BE-111FIBOBE-_111DN  
20A NonProfitObjective

add NonProfitObjective as a subClassOf BusinessObjective.

add adaptedFrom: http://www.iNonProfitObjectivenvestopedia.com/terms/n/not-for-profit.asp.

add skos:definition: "is when the objective of all business activities is not to earn profits for its owners."

add explanatoryNote: "All of the money earned by or donated to a not for profit organization is used in pursuing the organization's objectives."

make NonProfitObjective disjoint with ProfitObjective

BE-111FIBOBE-_111DN  
21A ReligiousObjective

add ReligiousObjective as a subClassOf NonProfitObjective and a subClassOf PublicPurpose.

add label: "religious objective"

add skos:definition: "intent is to fulfill a religious purpose"

BE-111FIBOBE-_11    
22A ProfitObjective

add ProfitObjective as a subClassOf BusinessObjective.

add label: "profit objective"

add adaptedFrom: http://www.investopedia.com/terms/p/profit.asp

add skos:definition: "pursuing a financial benefit that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs and taxes needed to sustain the activity."

add explanatoryNote: "Any profit that is gained goes to the business's owners, who may or may not decide to spend it on the business."

make this disjoint with NonProfitObjective.

BE-111FIBOBE-_11    
23A PublicPurpose

add this as a subClassOf Objective.

add label: "public purpose"

add skos:definition: "a governmental action or direction that purports to benefit the populace as a whole."

add definitionOrigin: http://www.yourdictionary.com/public-purpose.

BE-111FIBOBE-_11    
24A hasObjective

ensure hasObjective exists as an ObjectProperty

add label: "has objective"

add skos:definition "in the context of business, a specific business result that a person or system aims to achieve within a time frame and with available resources."

add:adaptedFrom http://www.businessdictionary.com/definition/objective.html

add rdfs:domain AutonomousAgent
add rdfs:range Objective

BE-111FIBOBE-_11    
25          
26          
27   

 

NewNew2  Jan 15
28 LEIEntities imports BE-91 adds imports for Corporations, Business Entities and Executives. We suspect these imports may be circular, but also may not be needed and can be removed BE-91 is missing file for BusinessEntities New N/A2 DA  
29  Countries

 Pink added import for Countries (not needed in BE-91)

This was due to prior work that was later moved to other modules e.g. GovernmentEntities.rdf

 NewNew 2 EK, DA  
30   LEIEligibleEntity

add LEIEligibleEntity as a subClassOf AutonomousAgent,

add label: "LEI eligible entity"

add skos:definition: "a legally distinct entity that is eligible to receive a legal entity identifier because it engages in financial transactions and associated reference data "

add adaptedFrom: "ISO 17442, Financial services - Legal Entity Identifier (LEI), first edition, 2012-06-01, section 3.1"

add example: "Examples of eligible legal entities include, without limitation:

- all financial intermediaries;
- banks and finance companies;
- all entities that issue equity, debt or other securities for other capital structures;
- all entities listed on an exchange;
- all entities that trade stock or debt, investment vehicles, including mutual funds, pension funds and alternative investment vehicles constituted as corporate entities or collective investment agreements (including umbrella funds as well as funds under an umbrella structure, hedge funds, private equity funds, etc.);
- all entities under the purview of a financial regulator and their affiliates, subsidiaries and holding companies;
- counterparties to financial transactions."

add explanatoryNote: "The term Legal Entity is specific to the banking use of the term required for compliance with the Legal Entity Identifier initiatives and does not pertain to the more abstract jurisprudence concept of legal entity."

add editorialNote: "LEIEligibleEntities are eligible to obtain an LEI but may or may not have one assigned. Also, entities that have some kind of registered address are eligible for an LEI."

add scopeNote: "The term 'legal entities' includes, but is not limited to, unique parties that are legally or financially responsible for the performance of financial transactions or have the legal right in their jurisdiction to enter independently into legal contracts, regardless of whether they are incorporated or constituted in some other way (e.g. trust, partnership, contractual). It excludes natural persons, but includes governmental organizations and supranationals."

add restriction: hasLegalEntityIdentifier max 1 LegalEntityIdentifier 

add restriction: isIdentifiedBy only Identifier

add restriction: hasAddressOfLegalFormation exactly 1 RegisteredAddress.

note: Provide restriction isIdentifiedBy only Identifier to provide a meaningful constraint that identifies the "conceptual' range of the isIdentifiedBy restriction for LEIEligibleEntity.

 BE-38-OMGFIBOBE_82DN , DA  
30.1  hasLegalEntityIdentifier

make hasLegalEntityIdentifier property functional and inverse functional

add domain: LEIEligibleEntity.

add range: LegalEntityIdentifer

      
30.2  LegalEntityIdentifier

change skos:definition to: "a 20-character reference code to uniquely identify legally distinct entities that engage in financial transactions and associated reference data"

add definitionOrigin: http://www.leiroc.org/lei.htm

add explanatoryNote: "an organization identifier that uniquely identifies a legal entity as defined in ISO 17442"

add explanatoryNote: "Two fundamental principles of the LEI code are:

Uniqueness: an LEI is assigned to a unique entity. Once assigned to an entity, and even if this entity has for instance ceased to exist, a code should never be assigned to another entity.
Exclusivity: a legal entity that has obtained an LEI cannot obtain another one. Entities may port the maintenance of their LEI from one operator to another. The LEI remains unchanged in the process."

      
30.3  LEIRegisteredEntity

add LEIRegisteredEntity as a subClassOf LEIEligibleEntity

add skos:definition: "refers to entities that have already registered and have obtained a legal entity identifier".

add label: "LEI registered entity"

add explanatoryNote: "According to the Global Legal Entity Identifier Foundation that there is a 1:1 relation between an LEIRegisteredEntity and an LEI.  Also we can reference ISO 17442 document (http://www.iso.org/iso/catalogue_detail?csnumber=59771 ) which states the 1:1 relation."

add restriction hasLegalEntityIdentifier exactly 1 LegalEntityIdentifier 

(note: while it is more meaningful to make this restriction an equivalentClass it results in the reasoner hanging. For now, make this restriction a subClassOf LEIRegisteredEntity)

      
31   default namespace BE-91 has a default namespace (get rid of that) New N/A2 DA  
32   ContractuallyCapableEntity

This concept must be moved to be a subClassOf AutonomousAgent and renamed to be LEICapableEntity.  ContractuallyCapableEntity at one point was a relative thing, and then became an independent thing.  It was then more appropriately named to LEICapableEntity, since a LegalPerson is a contractually capable entity and we instead wanted to state that this class was for LEI capable entities. Change definition to better align with original yellow definition, which is "

A unique entity that is legally or financially responsible for the performance of financial transactions, or has the legal right in its jurisdiction to enter independently into legal contracts, regardless of whether it is incorporated or constituted in some other way (e.g. trust, partnership, contractual). This excludes natural persons, but includes governmental organizations and supranationals." 

 NewNew 2 DN, DA, MB  
33   SupraNationalEntityThis should actually be defined in LegalPersons as a subClassOf JuridicalPerson.  Then import LegalPersons.rdf and make a subClassOf relation to LEIEligibleEntity. NewFIBOBE_-22DN, EK   
34  instrumentOf

Removed annotation reference to instrumentOf.

Note: in GovernmentEntities change objectProperty name to isInstrumentOf

BE-103New2DN  
35  namespace declarationBE-91 is missing a namespace declaration for http://spec.edmcouncil.org/fibo/FND/Arrangements/IdentifiersAndIndices/IdentifierNewNew2DN, EK  
36  MunicipalEntityBE-91 removed MunicipalIdentity. Must really be referring to MunicpalEntity, which was migrated to GovernmentEntities.rdf.NewFIBOBE_-22DN, EK  
37  SovereignStatePINK changed Sovereign to SovereignState. Migrate from LEIEntities to GovernmentEntities.rdf.NewFIBOBE_-22DN, EK  
38  RegionalGovernmentalEntity

PINK added RegionalGovernmentalEntity. Changed term to RegionalGovernment in GovernmentEntities.rdf. Note: FBC needs to be updated as it currently refers to RegionalGovernmentalEntity

NewNew2DN, EK  
39  hasAddressOfLegalFormation

BE-91 changed domain of hasAddressOfLegalFormation from LegalEntity to LEIEligibleEntity. The GLEIF requires LEIEligibleEntities to document the RegisteredAddress that is the address of legal formation.

Also introduce the restriction to LEICapableEntity: hasAddressOfLegalFormation max 1 RegisteredAddress

(See line 30)

NewNew2DN, EK  
40          
41 FormalBusinessOrganizations.rdfFormallyConstitutedOrganization

change name of term to ContractuallyConstitutedOrganization because this more accurately describes this class. The intent of this class is to define the set of all organizations that are constituted as a result of a contractual agreement of its members or principals. Update the skos:definition to be: "Any organization with some formal contractual agreement among its principals".

add restriction: isGovernedBy min 1 OrganizationCoveringAgreement

add restriction: isGovernedBy only OrganizationCoveringAgreement

add restriction: hasHeadquartersAddress min 1 Address

add restriction: hasOperatingAddress min 1 Address

add restriction: hasRegisteredAddress exactly 1 RegisteredAddress

add restriction: hasRegisteredAddress only RegisteredAddress (ensures that all objects must be typed as RegisteredAddress)

change rdfs:label to 'contractually constituted organization'

change skos:definition to: "an organization with some formal contractual agreement among its principals"

BE-74New3DN  
41.1  JointVentureJointVenture should become a subClassOf ContractuallyConstitutedOrganization (instead of FormallyConstitutedOrganization)      
41.2  hasInternalEntitychange domain to be ContractuallyConstitutedOrganization      
41.3  hasOperatingAddress change domain to be ContractuallyConstitutedOrganization      
41.4  hasRegisteredAddresschange domain to be ContractuallyConstitutedOrganization      
41.5  hasSubUnitchange domain to be ContractuallyConstitutedOrganization      
41.6  isSubUnitOf change range to be ContractuallyConstitutedOrganization      
42  FormallyConstitutedOrganizationMember

Change name of term to ContractuallyConstitutedOrganizationMember

change rdfs:label to: 'contractually constituted organization member'

Change skos:definition to: "a member of some contractually constituted organization"

Change skos:editorialNote to: "This party may hold some equity in the contractually constituted organization and may or may not have some responsibilities or potential liability in respect of the activities of that organization. Terms setting out the position of the member in these and other matters are defined in the organization covering agreement, to which the member may be a signatory."

Note: GuaranteeProvidingMember in OwnershipParties must now be a subClassOf ContractuallyConstitutedOrganizationMember (instead of FormallyConstitutedOrganizationMember)

BE-74Same as above3DN  
43  JointVenture

ensure JointVenture is a subClassOf ContractuallyConstitutedOrganization

change skos:definition to: "a formal venture between two or more business entities."

add explanatoryNote: "An association of two or more individuals or companies engaged in a solitary business enterprise for profit without actual partnership or incorporation; also called a joint adventure."

   DN  
44A NonprofitOrganization

Add this class to be a subClassOf FormalOrganization.

add rdfs:label: "nonprofit organization"

add skos:definition: "an organization that uses its surplus revenues to further achieve its purpose or mission, rather than distributing its surplus income to the organization's directors (or equivalents) as profit or dividends."

add fibo-fnd-utl-av:definitionOrigin: https://en.wikipedia.org/wiki/Nonprofit_organization.

add fibo-fnd-utl-av:explanatoryNote: "The nonprofit landscape is highly varied, although many people have come to associate NPOs with charitable organizations. Although charities do comprise an often high profile or visible aspect of the sector, there are many other types of nonprofits. Overall, they tend to be either member-serving or community-serving. Member-serving organizations include mutual societies, cooperatives, trade unions, credit unions, industry associations, sports clubs, retired serviceman's clubs and peak bodies – organizations that benefit a particular group of people – the members of the organization. Typically, community-serving organizations are focused on providing services to the community in general, either globally or locally: organizations delivering human services programs or projects, aid and development programs, medical research, education and health services, and so on."

add restriction: hasObjective some NonProfitObjective. (Note; hasObjective and NonProfitObjective were migrated from BusinessEntities.rdf to LegalPersons.rdf

add disjoint relation: hasObjective some ProfitObjective (This will ensure that an organization cannot be both profit and non-profit at the same time).

BE-73, BE-111FIBOBE-_113DN  
45A NonGovernmentalOrganization

Add this class to be a subClassOf NonprofitOrganization.

add label: "non governmental organization"

add skos:definition: "an organization that is neither a part of a government nor a conventional for-profit business.  

add explanatoryNote: "Usually set up by ordinary citizens, NGOs may be funded by governments, foundations, businesses, or private persons."

add fibo-fnd-utl-av:adaptedFrom: https://en.wikipedia.org/wiki/Non-governmental_organization.

add fibo-fnd-utl-av:explanatoryNote: "Some NGOs avoid formal funding altogether and are run primarily by volunteers. NGOs are highly diverse groups of organizations engaged in a wide range of activities, and take different forms in different parts of the world. Some may have charitable status, while others may be registered for tax exemption based on recognition of social purposes. Others may be fronts for political, religious, or other interests."

add restriction: hasObjective some PublicPurpose

(Note; hasObjective and PublicPurposeObjective were migrated from BusinessEntities.rdf to LegalPersons.rdf

BE-73, BE-111FIBOBE-_113DN  
46  UnincorporatedAssociation

add this class to be a subClassOf FormalOrganization.

add label: "unincorporated association"

add skos:definition: "a group of people who act together in a common enterprise and for a common purpose."

add fibo-fnd-utl-av:definitionOrigin: http://thelawdictionary.org/unincorporated-association/.

add fibo-fnd-utl-av:explanatoryNote: "An unincorporated association should generally not be eligible for an LEI.  Most associations that would either need or be eligible to receive an LEI would need some means to formally identify themselves using public authorities of some kind in order to even open a bank account in the name of the association (as opposed to a DBA used by an individual).  The absence of the ability to validate via authoritative public sources would tend to rule out privately organized associations."

add skos:example: "Unincorporated association is a group of persons such as a club, industry trade association or partnership which is not legally incorporated. Usually, there are no official formalities to form an unincorporated association. However, some jurisdictions may require a minimum number of persons to form such an association. Such associations may generally be formed for a common purpose."

      
47  hasPrimaryAddress

replace object property term hasPrimaryAddress with object property term hasHeadquartersAddress, which is a subPropertyOf has.

change label to: "has headquarters address"

change domain to be FormalOrganization from ContractuallyConstitutedOrganization (to make this broader).

define range to be Address (However see FND-39 for further specialization).

add skos:definition: "the main address at which communications to the organization may be addressed; its headquarters address."

      
48  hasSignatory

See FND-48 and BE-101. hasSignatory might move to FND

set skos:definition: "has a party which is authorized to sign contracts on behalf of the entity"

set domain to: ConstractuallyConstitutedOrganization

set range to: LegallyCapablePerson

      
49  property chain axiomWe have decided not to model property chain axioms that produce inferences (for example isOrganizedIn o hasReach subClassOf isDomiciledIn). However we will use property chains to model definitions of concepts (for example isEstablishedBy o isInForceIn o hasReach subClassOf isLegallyDefinedIn expresses the meaning of isLegallyDefinedIn).      
50          
51 CorporateBodiesimport OwnershipParties.rdf

Remove this circular dependency

*Merge with Corporations. This is an important improvement since the content of both modules refers to Corporations. The go-forward module will be named Corporations. Ensure that all downstream concepts that depend on these concepts will use the newly updated URI.

New 4   
52  ProfitCorporationWithLimitedShareholderLiability

add this as a subClassOf GeneralStockCorporation. (which is being renamed to StockCorporation)

add this as a subClassOf ForProfitCorporation

add label: "profit corporation with limited shareholder liability"

add restriction: allowsLimitedLiabilityOn only (playsRole some Shareholder)

add adaptedFrom: http://biztaxlaw.about.com/od/glossarys/g/stockcorp.htm

add adaptedFrom: http://www.oecd.org/daf/ca/CorporateGovernanceFactbook.pdf

add skos:definition: "a for-profit corporation which has shareholders (stockholders), each of whom receives a portion of the ownership of the corporation through shares of stock"

add explanatoryNote: "The restrictions defined herein extend the definition of incorporated company to link it to external entities that hold shares in it."

add explanatoryNote: "The shares in a stock corporation may receive a return on their investment in the form of dividends. Shares are used for voting on matters of corporate policy or to elect directors, at the corporation's annual meeting and at other meetings of the corporation."

New 4   
53  Shareholder

E Changes are needed to eliminate circular dependencies with OwnershipParties. Move the declaration of Shareholder to CorporateBodies from CorporateOwnership. (see line 186)

Remove subClassOf relationship to fibo-be-oac-opty:ConstitutionalOwner in CorporateBodies, but instead create that relationship within OwnershipParties. Keep subClassOf relationship to TransferableContractHolder.

Also move the following restriction from CorporateBodies to OwnershipParties: fibo-fnd-pty-rl:isPlayedBy some ((fibo-be-oac-opty:holdsAnInterestIn only fibo-be-le-cb:ProfitCorporationWithLimitedShareholderLiability) or (fibo-be-oac-opty:holdsEquity only fibo-fnd-acc-aeq:StockholdersEquity))

E add skos:definition: "an individual, group, or organization that owns one or more shares in a company, and in whose name the share certificate is issued."

E add explanatoryNote:  "It is legal for a company to have only one shareholder. Also called (in the US) stockholder."

E add definitionOrigin: "http://www.businessdictionary.com/definition/shareholder.html"

  4   
54  BenefitCorporationSince this is a US legal form, move BenefitCorporation to the USCorporateBodies.rdf file. This had been defined in the past as a subClassOf NonProfitCorporation, when this is instead a subClassOf ProfitCorporationWithLimitedShareholderLiability.BE-43NewNot in scope BE 1.0. Target BE 1.1DN  
55  BodyIncorporatedThroughAgreementThis abstraction was removed because there were no concrete examples of this as a real legal form. The closest term that was associated with this abstraction was LimitedLiabilityPartnership, which is defined in Partnerships. See Git Commit d22b0a3.NewNew4DA  
56  BodyIncorporatedWithGuarantee

Rename this class to CorporationLimitedByGuarantee. Make this a subClassOf Corporation.

change label to "corporation limited by guarantee"

add the following restriction: allowsLimitedLiabilityOn only (playsRole some GuaranteeProvidingMember).

revise restriction: isGovernedBy min 0 BodyLimitedByGuaranteePrinciplesAgreement to isGovernedBy min 0 CorporationLimitedByGuaranteePrinciplesAgreement.

add skos:definition: "an incorporated entity without share capital, and in which the liability of its members is limited to the amount each one of them undertakes to contribute at the time the firm is wound up."

add adaptedFrom: "http://www.businessdictionary.com/definition/company-limited-by-guarantee.html"

add editorialNote: "The profit motive is not the prime objective of the organization." See Git Commit d22b0a3.

Also, there is a circularity that needs to be resolved by moving the following restriction to OwnershipParties: fibo-be-le-lp:allowsLimitedLiabilityOn only (fibo-fnd-pty-rl:playsRole some fibo-be-oac-opty:GuaranteeProvidingMember)

New 4DN  
57  BodyLimitedByGuaranteePrincipalsAgreement

Rename this class to CorporationLimitedByGuaranteePrincipalsAgreement.

change label: "corporation limited by guarantee princpals agreement"

change skos:definition: "the formal agreement between the principals of a corporation limited by guarantee."

New  DN  
58  CommonInterestDevelopmentCorporationSince this is a US legal form, move to USCorporateBodies as a subClassOf NonProfitCorporationNew Not in scope BE 1.0. Target BE 1.1   
59  CompanyIncorporatedByGuarantee

Renamed to PrivateCompanyLimitedByGuarantee and moved to UKCorporateBodies since this is a unique legal form in the UK.

add adaptedFrom: "https://en.wikipedia.org/wiki/Private_company_limited_by_guarantee".

add skos:defintion: "an alternative type of corporation used primarily for non-profit organisations that require legal personality.

add explanatoryNote: "A company limited by guarantee does not usually have a share capital or shareholders, but instead has members who act as guarantors. The guarantors give an undertaking to contribute a nominal amount (typically very small) in the event of the winding up of the company."

add skos:explanatoryNote: " It is often believed that such a company cannot distribute its profits to its members but (depending on the provisions of the articles) this is not actually true.[2] Converting a limited company to a Community Interest Company (CIC) removes this doubt entirely, as CICs feature an asset lock which prevents the extraction of profits. However, a company limited by guarantee that distributes its profits to members (nor CICs) would not be eligible for charitable status."

New Not in scope BE 1.0. Target BE 1.1   
60E Corporation

Make Corporation a subClassOf LEIEligibleEntity, and (E) a subClassOf BusinessEntity.

(E) add restriction: allowsUnlimitedLiabilityOnEntity only Corporation.

modify restriction isDomiciledIn min 1Country to isDomiciledIn some Country.

(Dean will discuss this with Mike Uschold regarding stylistic convention)

New     
61C GeneralStockCorporation

(C) Change name to StockCorporation

(C) ensure label is: "stock corporation"

(C) add skos:definition: "a for-profit corporation which has shareholders (stockholders), each of whom receives a portion of the ownership of the corporation through shares of stock"

(C) add adaptedFrom: http://biztaxlaw.about.com/od/glossarys/g/stockcorp.htm

(C) ### (this will be inherited from ForProfitCorporation) add restriction: hasObjective some ProfitObjective ###

### (move restriction "isOwnedBy min 1 (playsRole only Shareholder)" to OwnershipParties.

This is needed to eliminate a circular dependency as well as be more conceptually aligned with the fact that ownership related restrictions should be modeled in OwnershipParties. In OwnershipParties refer back to GeneralStockCorporation. )### Don't we need this restriction to define a StockCorporation? efk - NO, the only required restriction here is ahtat it issues equity.

(C) add restriction: issuesEquity min 1 IssuedEquity

BE-111 (partial)

BE-112

FIBOBE-_11 (partial)

FIBOBE-_12

 DN  
62A NotForProfitCorporation

Make this a subClassOf NonProfitOrganization and Corporation

change label to "not for profit corporation"

add disjoint relation to ForProfitCorporation

BE-111FIBOBE-_11    
62.1C ForProfitCorporation

(C) Introduce this as a subClassOf Corporation

(C) add label

(C) add definition

(C) add adaptedFrom

(C) add restriction: hasObjective some ProfitObjective

(C) add disjoint relation to NotForProfitCorporation

BE-112FIBOBE-_12    
63  ProfitCorporationWithUnlimitedShareholderLiability

add this as a subClassOf GeneralStockCorporation (which is being renamed to StockCorporation) and ForProfitCorporation

add label: "profit corporation with unlimited shareholder liability"

add skos:definition: "a corporation with unlimited liability for the shareholders."

add restriction: allowsUnlimitedLiabilityOn only (playsRole some Shareholder)

add skos:definitionOrigin: http://www.businessdictionary.com/definition/joint-stock-company.html

New     
64  StatutoryCorporation

Add this as a subClassOf: Corporation.

add label: "statutory corporation"

add skos:definition: "a corporation created by statute."

add explanatoryNote: "Their precise nature varies by jurisdiction thus they might be ordinary companies/corporations owned by a government with or without other shareholders, or they might be a body without shareholders which is controlled by national or sub-national government to the (in some cases minimal) extent provided for in the creating legislation."

add definitionOrigin: "https://en.wikipedia.org/wiki/Statutory_corporation#United_States"

New     
 C issuesEquity

(C) domain should be StockCorporation (not ProfitCorporationWithLimitedShareholderLiability)

(C) Change definition

BE-112FIBOBE-_12    
65          
66 CorporationsJointStockCompany

Migrate JointStockCompany to USCorporateBodies.rdf since this is a US entity.

   Not in scope BE 1.0. Target BE 1.1  
67  MultinationalCorporation

Add MultinationalCorporation as a subClassOf Corporation.

add label "multinational corporation"

add skos:definition: "an enterprise operating in several countries but managed from one (home) country.

add explanatoryNote: "Generally, any company or group that derives a quarter of its revenue from operations outside of its home country is considered a multinational corporation."

add definitionOrigin: http://www.businessdictionary.com/definition/multinational-corporation-MNC.html

add explanatoryNote: "There are four categories of multinational corporations: (1) a multinational, decentralized corporation with strong home country presence, (2) a global, centralized corporation that acquires cost advantage through centralized production wherever cheaper resources are available, (3) an international company that builds on the parent corporation's technology or R&D, or (4) a transnational enterprise that combines the previous three approaches."

      
68  PrivatelyHeldCompany

change name of class from PrivatelyHeldCompany to PrivatelyHeldCorporation

Make this a subClassOf ProfitCorporationWithLimitedShareholderLiability

change label to "privately held corporation"

Ensure disjoint relation is with PubliclyHeldCorporation

 

      
69  ProfessionalCorporation

Add this as a subClassOf ProfitCorporationWithLimitedShareholderLiability

add label "professional corporation"

add adaptedFrom: http://en.wikipedia.org/wiki/Professional_corporation

add skos:definition: "corporate entity for which many corporation statutes make special provision, regulating the use of the corporate form by licensed professionals such as attorneys, architects, engineers, public accountants and physicians."

add explanatoryNote: "Legal regulations applying to professional corporations typically differ in important ways from those applying to other corporations.[1] Professional corporations, which may have a single director or multiple directors, do not usually afford that person or persons the same degree of limitation of liability as ordinary business corporations (cf. LLP).[1] Such corporations must identify themselves as professional corporations by including "PC" or "P.C." after the firm's name.[2] Professional corporations often exist as part of a larger, more complicated, legal entity; for example, a law firm or medical practice might be organized as a partnership of several or many professional corporations"

      
70  PubliclyHeldCorporation

Make this a subClassOf ProfitCorporationWithLimitedShareholderLiability

change label to "publicly held corporation"

Ensure disjoint relation is with PrivatelyHeldCorporation

Change skos:definition to: "A company that has issued securities through an initial public offering (IPO) and is traded on at least one stock exchange or in the over the counter market. Although a small percentage of shares may be initially "floated" to the public, the act of becoming a public company allows the market to determine the value of the entire company through daily trading. Public companies have inherent advantages over private companies, including the ability to sell future equity stakes and increased access to the debt markets. With these advantages, however, comes increased regulatory scrutiny and less control for majority owners and company founders."

add adaptedFrom: "http://www.investopedia.com/terms/p/publiccompany.asp"

      
71A ReligiousCorporation

add ReligiousCorporation as a subClassOf NonProfitCorporation

add label "religious corporation"

add restriction: hasObjective some ReligiousObjective

add skos:definition: "a type of religious non-profit organization, which has been incorporated under the law.

add explanatoryNote: "Often these types of corporations are recognized under the law on a subnational level, for instance by a state or province government. The government agency responsible for regulating such corporations is usually the official holder of records, for instance a state Secretary of State."

add definitionOrigin: https://en.wikipedia.org/wiki/Religious_corporation

BE-111FIBOBE-_11    
72  GeneralStockCorporationThere is an extraneous entry for GeneralStockCorporation in this file that needs to be removed. efk - No, this provides additional restrictions which were added here to avoid circular dependencies.      
73          
74 Partnershipsimport LEIEntities.rdfadd import to LEIEntities.rdf to allow for LEICapableEntity      
75E CorporateLimitedPartner

change name of term to JuridicalPersonLimitedPartner because limited partners can be broader in scope than corporations. For example, an LLC or another type of entity can be a limited partner.

change label to "juridical person limited partner"

ensure this is a subClassOf LimitedPartner

change skos:definition to: "a limited partner in a partnership, who is and may only be a type of legal entity e.g. corporation, partnership, trust, private limited company etc. (i.e., not a natural person)"

change restriction: hasIdentity exactly 1Corporation to hasIdentity exactly 1 JuridicalPerson

ensure this is disjoint with LegallyCapablePersonLimitedPartner

      
76E GeneralPartner

change restriction hasIdentity exactly 1 NaturalPerson to hasIdentity exactly 1 LegalPerson because an entity can also be a general partner as well as a LegallyCapablePerson

move restriction: isPlayedBy some (hasCapacity only UnlimitedLiability) to UnlimitedLiabilityGeneralPartner which is a subClassOf GeneralPartner in order to convey the notion that there are two kinds of general partners. Most experience unlimited liability. A new form of general partnership the LimitedLiabilityGeneralPartner allows for limited liability for a general partner

add skos:adaptedFrom: http://legal-dictionary.thefreedictionary.com/general+partner

ensure skos:definition is still: "a partner in a partnership, who holds some part of the general partner equity and typically is jointly and severally liable with the other partners for the liabilities incurred by that partnership"

ensure explanatoryNote is: "NYPL Article 8-A, Section 121-101 (f) and (g) defines general and limited partners as "persons" admitted to a limited partnership in accordance with the partnership agreement. Section 121-101 (n) further defines that corporations are considered "persons". Corporations can therefore be both limited and general partners. The Uniform Limited Partnership Act (Section 102-15) as well as laws of other states confirm that corporations can serve as general and limited partners (e.g. 6 Del. Laws Section 15-101 (16)). IIn the following cases, corporations served as general partners in a partnership: Whitley v. Klauber, 51 N.Y.2d 555; Larson v. Commissioner, 1976 U.S. Tax Ct. LEXIS 118 (T.C. 1976); Dirienzo v. Lichtenstein, 2013 Del. Ch. LEXIS 242 (Del. Ch. Sept. 30, 2013)."

ensure GeneralPartner is disjoint with LimitedPartner

      
76.1E  UnlimitedLiabilityGeneralPartner

add UnlimitedLiabilityGeneralPartner as a new class that is a subClassOf GeneralPartner

add label "unlimited liability general partner"

add skos:definition: "most common category of general partner, and is jointly and severally liable with the other general partners for the liabilities incurred by that partnership"

add restriction isPlayedBy some (hasCapacity only UnlimitedLiability)

      
77E  LegallyIncorporatedPartnershipremove this concept as we have defined other classes within partnership to cover this concept      
78E  GeneralPartnership

add this concept as a subClassOf PartnershipWithGeneralPartners

add label "general partnership"

add restriction: hasMember min 2 GeneralPartner

add skos:definition: "a partnership in which the partners are jointly and severally liable for liabilities incurred by the entity"

add adaptedFrom: http://www.investopedia.com/terms/g/generalpartnership.asp

      
79E LegallyIncorporatedPartnershipMemberdelete LegallyIncorporatedPartnershipMember. This is conceptually replaced by General Partner.      
80E NaturalPersonLimitedPartner

change name of class to LegallyCapablePersonLimitedPartner

change label to "legally capable person limited partner"

change skos:definition to "a limited partner in a partnership, who is and may only be a LegallyCapable Person i.e. a human being."

change restriction from hasIdentity exactly 1 NaturalPerson to hasIdentity exactly 1 LegallyCapablePerson

ensure this is disjoint with JuridicalPersonLimitedPartner

      
81E LimitedLiabilityGeneralPartner

add LimitedLiabilityGeneralPartner as a subClassOf GeneralPartner

add label "limited liability general partner"

add restriction: isPlayedBy some (hasCapacity only LimitedLiability)

add skos:definition: "a class of general partner who has limited liability per the terms of the limited liability limited partnership agreement,"

show this is disjoint with UnlimitedLiabilityGeneralPartner

      
82E LimitedPartner

add restriction: isPlayedBy some (hasCapacity only LimitedLiability)

ensure LimitedPartner is disjoint with GeneralPartner

      
83E LimitedPartnership

add LimitedPartnership as a subClassOf PartnershipWithGeneralPartners and as a subClassOf PartnershipWithLimitedPartners

add label: "limited partnership"

add skos:definition: "a form of partnership similar to a general partnership, except that in addition to one or more general partners (GPs), there are one or more limited partners (LPs).

add explanatoryNote: "It is a partnership in which only one partner is required to be a general partner."

add definitionOrigin: http://en.wikipedia.org/wiki/Limited_partnership

      
84E NonIncorporatedPartnershipRemove NonIncorporatedPartnership as it is covered by other concepts      
85(E) Partnership

add subClassOf relation to BusinessEntity and add subClassOf LEICapableEntity

change name of subClassOf relation to FormallyConstitutedOrganization to ContractuallyConstitutedOrganization

E add restriction: allowsUnlimitedLiabilityOnEntity only Partnership

E change skos:definition to : "a business organization in which two or more individuals manage and operate the business."

E add explanatoryNote: "Both owners are equally and personally liable for the debts from the business."

E change definitionOrigin: http://www.investopedia.com/terms/p/partnership.asp

      
86E PartnershipIncorporatedByEquityRemove this concept as it is not needed      
87E PartnershipIncorporatedThroughAgreementRemove this concept as it is not needed      
88E PartnershipWithGeneralPartners

ensure label is "partnership with general partners"

add restriction: allowsUnlimitedLiabilityOn only (playsRole some GeneralPartner)

add restriction: allowsUnlimitedLiabilityOn min 1 

change restriction: hasMember min 2 GeneralPartner to hasMember min 1 GeneralPartner

change skos:definition: an arrangement by which partners conducting a business jointly have unlimited liability, which means their personal assets are liable to the partnership's obligations.

add definitionOrigin: http://www.investopedia.com/terms/g/generalpartnership.asp

change editorialNote: "The partnership may or may not also have limited partners. In a typical non-incorporated partnership, it does not. General partners of a partnership may be legally capable persons or juridical persons."

add explanatoryNote: "In the commercial and legal parlance of most countries, a general partnership (the basic form of partnership under common law), refers to an association of natural persons or juridical persons with the following major features: Created by agreement, proof of existence and estoppel. The owners are all joint and severally liable for any legal actions and debts the company may face. It is a partnership in which partners share equally in both responsibility and liability."

      
89E PartnershipWithCorporateLimitedPartnersremove this concept as it is no longer relevant      
90E PartnershipWithGeneralAndLimitedPartners

remove this concept as it is no longer relevant

      
91E PartnershipWithOnlyLimitedPartners

change name of PartnershipWithOnlyLimitedPartners to LimitedLiabilityPartnership

change label to "limited liability partnership"

add restriction: hasMember only LimitedPartner

change skos:definition: "is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities"

change adaptedFrom to: https://en.wikipedia.org/wiki/Limited_liability_partnership

change explanatoryNote to: "In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence."

      
92E PartnershipWithGeneralPartnersWithLimitedLiability

change name of class to PartnershipWithLimitedLiabilityGeneralPartners

change label to "partnership with limited liability general partners"

change subClassOf to Partnership

add restriction: hasMember min 1 GeneralPartner

add restriction: allowsLimitedLiabilityOn some (playsRole some GeneralPartner)

change skos:definition to: "a partnership that has general partners, whose general partners have limited liability"

remove scopeNote because the scope note pertained to a specific jurisdiction and also made a statement that was not meaningful

      
93E PartnershipWithLimitedPartners

add restriction: allowsLimitedLiabilityOn only (playsRole some LimitedPartner)

delete editorialNote as it does not add meaningful value

      
94E PartnershipWithNaturalPersonLimitedPartnersremove this class it is no longer relevant since LimitedPartners can be both entities and legally capable persons. There are no Partnerships created exclusively for natural persons.      
95  

import CorporateBodies

import Ownership

import ControlParties

import OwnershipParties

TBD - determine if imports these can be removed      
96          
97          
98  Review diffs to Partnership and make a final review to ensure correctness       
99          
100 Trustsimport LEIEntities.rdfneeded since a BusinessTrust is LEICapable      
100.1  BusinessTrust

add BusinessTrust as a new class that is a subClassOf Trust and a subClassOf LEICapableEntity.

add label "business trust"

add skos:definition: "an unincorporated business organization created by a legal document, a declaration of trust, and used in place of a corporation or partnership for the transaction of various kinds of business with limited liability."

add definitionOrigin: "http://legal-dictionary.thefreedictionary.com/Business+Trust".

add explanatoryNote: "Commercial organization managed by appointed trustees (who hold the title to the business' property) for the benefit of one or more beneficiaries. A business trust is treated as a legal entity by the tax authorities and must have (1) a business purpose, and (2) must function as a business."

add explanatoryNote: "In some states, a business trust is subject to the laws of trusts while, in others, the laws of corporations or partnerships govern its existence. The laws of each state in which a business trust is involved in transactions must be consulted to ensure that the trust is treated as an entity whose members have limited liability. If the laws of a particular state consider a business trust to be a partnership, the beneficiaries may be fully liable for any judgments rendered against it. The trustees of a business trust are liable to third parties who deal with the trust unless there is a contract provision to the contrary, since they hold legal title to the trust property and may sue and be sued in actions involving the trust. They may, however, seek indemnity from the trust property and possibly from the beneficiaries."

      
100.2  CharitableTrust

add CharitableTrust as a new class that is a subClassOF IrrevocableTrust.

add label: "charitable trust"

add skos:defintion: "a trust designed to reduce beneficiaries' taxable income by first donating a portion of the trust's income to charities and then, after a specified period of time, transferring the remainder of the trust to the beneficiaries."

add explanatoryNote: "A charitable trust is often an irrevocable trust established for charitable purposes"

add definitionOrigin: "http://www.investopedia.com/terms/c/charitableleadtrust.asp"

  Lowest priority   
100.3  CommonTrustFund

add CommonTrustFund as a new class that is a subClassOf TrustFundTrust

add label: "common trust fund"

add adaptedFrom: "http://www.merriam-webster.com/dictionary/common%20trust%20fund"

add skos:defintion: "a fund which is managed by a bank or trust company and in which the assets of many small trusts are handled as a single portfolio with individual beneficiaries receiving returns proportionate to their share of the principal"

  Lowest priority   
100.4  IrrevocableTrust

add IrrecovableTrust as a new class that is a subClassOf Trust

add label: "irrevocable trust"

add skos:definition: "a trust that can't be modified or terminated without the permission of the beneficiary.

add definitionOrigin: http://www.investopedia.com/terms/i/irrevocabletrust.asp

add explanatoryDefinition: "The grantor, having transferred assets into the trust, effectively removes all of his or her rights of ownership to the assets and the trust.  This is the opposite of a "revocable trust," which allows the grantor to modify the trust."

      
100.5  LivingTrust

add LivingTrust as a subClassOf Trust

add label: "living trust"

add skos:definition: "a property interest created during a person's life that allows easy transfer of assets without going through the process of probate."

add definitionOrigin: http://www.investopedia.com/terms/l/living-trust.asp

add explanatoryNote: "A living trust is an agreement where the trustee holds the legal possession of a fund or assets that belong to another person, the beneficiary, and it is created while the person is alive. This is different compared to other types of trusts that are created through the person's will."

      
100.6  MasterTrust

add MasterTrust as a subClassOf TrustFundTrust

add label: "master trust"

add skos:definition: "a collection of funds from individual investors that are pooled together in order to obtain wholesale prices and rates unavailable for regular investors."

add definitionOrigin: http://www.investopedia.com/terms/m/mastertrust.asp

  Lowest priority   
100.7  PersonalTrust

add PersonalTrust as a subClassOf LivingTrust

add label: "personal trust"

add skos:definition: "a trust created for a person or persons."

add defintionOrigin: http://www.investopedia.com/terms/p/personal-trust.asp

add expanatoryNote: "Personal trusts can be used by wealthy or middle-class beneficiaries to accomplish a variety of financial objectives. Personal trusts are separate legal entities that have the authority to buy, sell, hold and manage property for the benefit of their beneficiaries."

      
100.8  RevocableTrust

add RevocableTrust as a subClassOf Trust

add label: "revocable trust"

add skos:definition: "a trust whereby provisions can be altered or canceled dependent on the grantor."

add definitionOrigin: http://www.investopedia.com/terms/r/revocabletrust.asp

add explanatoryNote: " During the life of the trust, income earned is distributed to the grantor, and only after death does property transfer to the beneficiaries."

      
101  TestamentaryTrust

add TestamentaryTrust as a subClassOf IrrevocableTrust

add label: "testamentary trust"

add skos:definition: "a trust which arises upon the death of the testator, and which is specified in his or her will."

add definitionOrigin: https://en.wikipedia.org/wiki/Testamentary_trust

      
101.1  Trust

modify reference for subClassOf FormallyConstitutedOrganization to become ContractuallyConstitutedOrganization

add restriction: allowsLimitedLiabilityOn only TrustBeneficiary

add restriction: allowsUnlimitedLiabilityOnEntity only Trust

add adaptedFrom:  http://www.investopedia.com/terms/t/trust.asp

alter skos:editorialNote to remove URI: "This is a legal agreement between parties that someone owns, and is thereby an asset that they own. They can be taxed on this as any other asset. There are generally accepted things such as the source of funds that will determine who the revenue agency will go after.

      
101.2  TrustFundTrust

replace subClassOf relation to Trust with subClassOf relation to BusinessTrust

add explanatoryNote: "A trust fund is a fund comprised of a variety of assets intended to provide benefits to an individual or organization. The trust fund is established by a grantor to provide financial security to an individual, most often a child or grandchild - or organizations, such as a charity or other non-profit organization."

      
101.3  Trusteechange name of subClassOf relation from FormallyConstitutedOrganizationMember to ContractuallyConstitutedOrganizationMember      
           
102 PrivateLimitedCompaniesPrivateCompanyWithLimitedLiability

add class PrivateCompanyWithLimitedLiability as a subClassOf BusinessEntity, ConstractuallyConstitutedOrganization, JuridicalPerson, LEICapableEntity

add label: "private company with limited liability"

add skos:definition: "a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are)."

add adaptedFrom: "https://en.wikipedia.org/wiki/Limited_liability_company#Overview"

add explanatoryNote: "A private company with limited liability, although a business entity, is not a corporation. The primary characteristic this legal form shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. It is often more flexible than a corporation, and it is well-suited for companies with a single owner."

add restriction: allowsLimitedLiabilityOn only (playsRole some EntityOwner)

add restriction: allowsUnlimitedLiabilityOnEntity only PrivateCompanyWithLimitedLiability

      
103  PrivateLimitedCompanies

create subdirectory under /be called PrivateLimitedCompanies

create file PrivateLimitedCompanies.rdf and within file:

add Ontology IRI: http://spec.edmcouncil.org/fibo/BE/PrivateLimitedCompanies/PrivateLimitedCompanies/

add Ontology Version IRI: http://spec.edmcouncil.org/fibo/BE/20160201/PrivateLimitedCompanies/PrivateLimitedCompanies/

add fileAbbreviation: fibo-be-plc-plc

add dependsOn: http://spec.edmcouncil.org/fibo/BE/LegalEntities/LegalPersons/

add changeNote: "The http://spec.edmcouncil.org/fibo/BE/20160201/PrivateLimitedCompanies/PrivateLimitedCompanies.rdf version of this ontology was added to Business Entities, including both per the issue resolutions identified in the FIBO BE 1.0 FTF report."

add label: "private limited companies ontology"

add fileAbstract: "This ontology defines the fundamental concepts for representing Private Limited Companies."

add seeAlso: http://spec.edmcouncil.org/fibo/BE/AboutBE/

add contentLanguage: http://www.omg.org/spec/ODM/

add copyright: "Copyright (c) 2015 EDM Council, Inc.

Copyright (c) 2015 Object Management Group, Inc."

add dependsOn: http://spec.edmcouncil.org/fibo/FND/

add contentLanguage: http://www.w3.org/standards/techs/owl#w3c_all

add seeAlso: http://spec.edmcouncil.org/fibo/AboutTheEDMC-FIBOFamily/

add license: http://www.omg.org/techprocess/ab/SpecificationMetadata/MITLicense

      
103.1  imports

add following ontology imports:

http://spec.edmcouncil.org/fibo/BE/LegalEntities/LegalPersons/

http://spec.edmcouncil.org/fibo/FND/AgentsAndPeople/Agents/

http://spec.edmcouncil.org/fibo/FND/Organizations/FormalOrganizations/

http://spec.edmcouncil.org/fibo/FND/OwnershipAndControl/Ownership/

http://spec.edmcouncil.org/fibo/FND/Parties/Parties/

http://spec.edmcouncil.org/fibo/FND/Parties/Roles/

http://spec.edmcouncil.org/fibo/FND/Relations/Relations/

      
           
104 SoleProprietorshipsSoleProprietorships

create new subdirectory SoleProprietorships under /be

create new file SoleProprietorships.rdf and include the following:

add OntologyIRI: http://spec.edmcouncil.org/fibo/BE/SoleProprietorships/SoleProprietorships/

add Ontology Version IRI: http://spec.edmcouncil.org/fibo/BE/20160201/SoleProprietorships/SoleProprietorships/

add dependsOn: http://spec.edmcouncil.org/fibo/BE/LegalEntities/LegalPersons/

create filename: "SoleProprietorships.rdf"

add fileAbstract: "This ontology defines the fundamental concepts for representing sole proprietorships -- i.e., organizations that are owned by an individual that is responsible for the liabilities of the organization"

add seeAlso: http://spec.edmcouncil.org/fibo/BE/AboutBE/

add contentLanguage: http://www.omg.org/spec/ODM/

add copyright: "Copyright (c) 2015 EDM Council, Inc.

Copyright (c) 2015 Object Management Group, Inc."

add label: "sole proprietorships ontology"

add changeNote: "The http://spec.edmcouncil.org/fibo/BE/20160201/SoleProprietorships/SoleProprietorships.rdf version of this ontology was added to Business Entities, including both per the issue resolutions identified in the FIBO BE 1.0 FTF report."

add dependsOn: http://spec.edmcouncil.org/fibo/FND/

add fileAbbreviation: "fibo-be-sps-sps"

add contentLanguage: "http://www.w3.org/standards/techs/owl#w3c_all"

add seeAlso: http://spec.edmcouncil.org/fibo/AboutTheEDMC-FIBOFamily/

add license: http://www.omg.org/techprocess/ab/SpecificationMetadata/MITLicense

      
105  imports

add following ontology imports:

http://spec.edmcouncil.org/fibo/BE/LegalEntities/LegalPersons/

http://spec.edmcouncil.org/fibo/FND/AgentsAndPeople/Agents/

http://spec.edmcouncil.org/fibo/FND/Organizations/FormalOrganizations/

http://spec.edmcouncil.org/fibo/FND/OwnershipAndControl/Ownership/

http://spec.edmcouncil.org/fibo/FND/Parties/Parties/

http://spec.edmcouncil.org/fibo/FND/Parties/Roles/

http://spec.edmcouncil.org/fibo/FND/Relations/Relations/

      
106(J)   SoleProprietorship

(J) add class SoleProprietorship as a subClassOf: BusinessEntity, FormalOrganization

(J) add label: "sole proprietorship"

(J) add skos:definition: "an unincorporated business owned by a single person"

(J) add adaptedFrom: "Barron's Dictionary of Business and Economics Terms, Fifth Edition, 2012"

(E) add restriction: allowsUnlimitedLiabilityOn only (playsRole some Owner)

(E) add restriction: allowsUnlimitedLiabilityOnEntity only SoleProprietorship (because the bank account for the sole proprieotorship may be a business account separate from the retail account of the owner, the sole proprietor)

(J) add restriction: hasCapacity min 1 LiabilityCapacity

(J) add restriction: isOwnedBy exactly 1 LegallyCapablePerson

      
107   SoleProprietor

add class SoleProprietor as a subClassOf Owner

add label: "sole proprietor"

add skos:definition: "a party that owns a business, has the rights to all profits from that business and is considered a single entity (unincorporated) together with that business for tax and liability purposes" 

add adaptedFrom: "Barron's Dictionary of Business and Economics Terms, Fifth Edition, 2012"

add explanatoryNote: "A sole proprietor has unlimited liability with respect to any business debts."

add synonym: "sole owner"

add restriction: hasIdentity exactly 1 LegallyCapablePerson

add restriction: isPlayedBy some (owns min 1 SoleProprietorship)

      
           
108 GovernmentEntitiesGovernmentEntities

create new subdirectory for GovernmentEntities under /be

create new file GovernmentEntities.rdf and include the following:

add Ontology IRI: http://spec.edmcouncil.org/fibo/BE/GovernmentEntities/GovernmentEntities

add Ontology Version IRI: http://spec.edmcouncil.org/fibo/BE/20160201/GovernmentEntities/GovernmentEntities/

add dependsOn: http://spec.edmcouncil.org/fibo/BE/LegalEntities/LegalPersons/

add seeAlso: http://spec.edmcouncil.org/fibo/BE/AboutBE/

add contentLanguage: http://www.omg.org/spec/ODM/

add dependsOn: http://spec.edmcouncil.org/fibo/BE/LegalEntities/FormalBusinessOrganizations/

add fileAbbreviation: "fibo-be-ge-ge"

add label: "government entities ontology"

add dependsOn: http://spec.edmcouncil.org/fibo/FND/

add contentLanguage: http://www.w3.org/standards/techs/owl#w3c_all

add seeAlso: http://spec.edmcouncil.org/fibo/AboutTheEDMC-FIBOFamily/

add fileAbstract: "This ontology defines concepts around government entities"

add fileName: "GovernmentEntities.rdf"

add copyright: "Copyright (c) 2013-2015 EDM Council, Inc.

Copyright (c) 2013-2015 Object Management Group, Inc."

add license: http://www.omg.org/techprocess/ab/SpecificationMetadata/MITLicense

     Jan 15
109  imports

add following ontology imports:

http://spec.edmcouncil.org/fibo/BE/LegalEntities/LegalPersons/

http://spec.edmcouncil.org/fibo/BE/LegalEntities/FormalBusinessOrganizations

http://spec.edmcouncil.org/fibo/BE/LegalEntities/LEIEntities

http://spec.edmcouncil.org/fibo/BE/Corporations/Corporations/

http://spec.edmcouncil.org/fibo/FND/AgentsAndPeople/Agents/

http://spec.edmcouncil.org/fibo/FND/Parties/Parties/

http://spec.edmcouncil.org/fibo/FND/Parties/Roles/

http://spec.edmcouncil.org/fibo/FND/Relations/Relations/

http://spec.edmcouncil.org/fibo/FND/Law/Jurisdiction/

http://spec.edmcouncil.org/fibo/FND/Places/Addresses/

http://spec.edmcouncil.org/fibo/BE/OwnershipAndControl/Executives/

      
110  GovernmentalEntity

add GovernmentalEntity as a subClassOf FormalOrganization, JuridicalPerson, LEICapabileEntity

add label: "government entity"

add skos:definition: "an agency, instrumentality, or other entity of Federal, State, or local government (including multijurisdictional agencies, instrumentalities, and entities)."

add definitionOrigin: http://definitions.uslegal.com/g/government-entity/

add editorialNote: "A governmental entity in the sense of a juridical person.  It is identified as a legal person because it is able to enter into contracts, sue and incur debt in its own right."

add explanatoryNote: "Identifying government entities is a pre-requisite for identifying government officials.  This information is needed to help ensure compliance with applicable laws relating to bribery or corruption, including the U.S. Foreign Corrupt Practices Act (FCPA), the UK Bribery Act 2010 (UKBA), the U.S. Bank Bribery Act (Bribery Act), and other anti-bribery and corruption laws in the jurisdictions where the financial institution does business."

add restriction: hasMember some GovernmentOfficial

add restriction: hasObjective some PublicPurpose

      
111  GovernmentOfficial

add GovernmentOfficial as subClasOf OrganizationMember

add label: "government official"

add skos:definition: "a person elected or appointed to administer a government"

add adaptedFrom: http://www.thefreedictionary.com/government+officials

add restriction hasIdentity exactly 1 LegallyCapablePerson

add restriction: isPlayedBy some (isMemberOf only GovernmentalEntity)

      
112  GovernmentAppointee

add GovernmentAppointee as subClassOf Executive

add label: "government appointee"

add skos:definition: "an individual appointed by government decree to lead, or participate in some capacity, in a government agency."

add restriction: isPlayedBy some (isAppointedBy some GovernmentalEntity)

      
113  GovernmentMinister

add GovernmentMinister as a subClassOf Executive

add label: "government minister"

add skos:definition: "a person appointed or elected to a high office in the government."

add example: ""Minister of Finance", "Secretary of State", "Attorney General of California".

add restriction: (isPlayedBy some (isElectedBy only Polity)) or (isPlayedBy some (isAppointedBy only ExecutiveBranch))

      
114  Government

add Government as a subClassOf GovernmentalEntity

add label: "government"

add skos:definition: "the system by which a state or community is controlled."

add definitionOrigin: http://www.oxforddictionaries.com/us/definition/american_english/government

add explanatoryNote: "In the Commonwealth of Nations, the word government is also used more narrowly to refer to the collective group of people that exercises executive authority in a state. This usage is analogous to what is called an "administration" in American English. Furthermore, especially in American English, the concepts of the state and the government may be used synonymously to refer to the person or group of people exercising authority over a politically organized territory"

add restriction: governs some GeopoliticalEntity

add restriction: hasGovernmentalAgency some GovernmentAgency

add restriction: hasGovernmentalBranch some GovernmentBranch

add restriction: hasGovernmentalDepartment some GovernmentDepartment

add disjoint relation with: GovernmentInstrumentality

      
115  hasGovernmentalAgency

add hasGovernmentalAgency as a subPropertyOf hasPart

add label: "has governmental agency"

add skos:definition: "identifies the relation between a governmental agency and the governmental entity to which the agency belongs."

add domain: GovernmentalEntity

add range: GovernmentAgency

      
116  hasGovernmentalBranch

add hasGovernmentalBranch as a subPropertyOf hasPart

add label: "has governmental branch"

add skos:definition: "identifies the relation between a governmental branch and the government."

add domain: Government

add range: GovernmentBranch

      
117  hasGovernmentalDepartment

add hasGovernmentalDepartment as a subPropertyOf hasPart

add label: "has governmental department"

add skos:definition: "identifies the relation between a governmental department and the governmental entity to which the department belongs."

add domain: GovernmentalEntity

add range: GovernmentDepartment

      
118  hasSovereigntyOver

add hasSovereigntyOver as an Object Property

add label: "has sovereignty over"

add skos:definition: "dominion and authority of a political state."

add definitionOrigin: http://www.businessdictionary.com/definition/sovereignty.html

add domain: Polity

add range: GeopoliticalEntity

      
119  hasFullSovereigntyOver

add hasFullSovereigntyOver as a subPropertyOf hasSovereigntyOver

add label: "has full sovereignty over"

add skos:definition: "absolute, supreme and ultimate dominion and authority of a political state subject to no higher power, expressed within its territory in full self-government and in complete freedom from any outside influence."

add definitionOrigin: http://www.businessdictionary.com/definition/sovereignty.html

add domain: Polity

add range: GeopoliticalEntity

      
120  hasPartialSovereigntyOver

add hasPartialSovereigntyOver as a subPropertyOf hasSovereigntyOver

add label: "has partial sovereignty over"

add skos:definition: "partial dominion and authority of a political state."

add domain: Polity

add range: GeopoliticalEntity

      
121  hasSharedSovereigntyOver

add hasSharedSovereigntyOver as a subPropertyOf hasSovereigntyOver

add label: "has shared sovereignty over"

add skos:definition: "shared dominion and authority of a political state."

add domain: Polity

add range: GeopoliticalEntity

      
122  isInstrumentOf

add isInstrumentOf as an Object Property

add label: "is instrument of"

add skos:definition: "specifies the relation between a government and a government instrumentality."

add domain: GovernmentInstrumentality

add range: Government

      
123  isElectedBy

add isElectedBy as an Object Property

add label: "is elected by"

add skos:definition: "references the polity or organization that elects an individual to an office."

add domain: LegallyDelegatedAuthority

add range: Polity or FormalOrganization

      
124  isRepresentedBy

add isRepresentedBy as an Object Property

add label: "is represented by"

add skos:definition: "describes the representative of a polity or organization"

add domain: Polity or FormalOrganization

add range: IndependentParty

      
125  NationalGovernment

add NationalGovernment as a subClassOf Government

add label: "national government"

add skos:definition: "an organization that is put in place to maintain control of a nation"

add adaptedFrom: http://dictionary.reference.com/browse/national+government

add restriction: governs some Country

add disjoint relation with: RegionalGovernment

      
126  FederalGovernment

add FederalGovernment as a subClassOf NationalGovernment

add label: "federal government"

add skos:definition: " a central government over a union of states distinct from the individual governments of the separate states"

add adaptedFrom: https://en.wikipedia.org/wiki/Federation

add restriction: (governs min 0 FederalCapitalArea) and (governs min 2 FederalState)

      
127  RegionalGovernment

add RegionalGovernment as a subClassOf Government

add label: "regional government"

add skos:definition: "an administrative body for a small geographic area, such as a city, town, county, or state."

add definitionOrigin: "http://www.businessdictionary.com/definition/local-government.html"

add explanatoryNote: "A regional government will typically only have control over their specific geographical region, and can not pass or enforce laws that will affect a wider area.Regional governments can elect officials, enact taxes, and do many other things that a national government would do, just on a smaller scale."

add restriction: governs some CountrySubdivision

      
128  TribalGovernment

add TribalGovernment as a subClassOf Government

add label: "tribal government"

add skos:definition: "an organization that governs a tribal entity."

add adaptedFrom: https://en.wikipedia.org/wiki/Tribal_Council

add restriction:governs some TribalArea

      
129  GovernmentAgency

add GovernmentAgency as a subClassOf GovernmentalEntity

add label: "government agency"

add skos:definition: "a permanent or semi-permanent organization that is often an appointed commission in the machinery of government that is responsible for the oversight and administration of specific functions."

add adaptedFrom: https://en.wikipedia.org/wiki/Government_agency

add explanatoryNote: "There is a notable variety of agency types. Although usage differs, a government agency is normally distinct both from a department or ministry, and other types of public body established by government. The functions of an agency are normally executive in character, since different types of organizations (such as commissions) are most often constituted in an advisory role—this distinction is often blurred in practice however."

add restriction: isManagedBy some GovernmentAppointee

add disjoint relation with GovernmentDepartment

      
130  GovernmentBranch

add GovernmentBranch as a subClassOf GovernmentalEntity

add label: "government branch"

add skos:definition: "a division of government, each with separate and independent powers and areas of responsibility so that the powers of one branch are not in conflict with the powers associated with the other branches. "

add adaptedFrom: https://en.wikipedia.org/wiki/Tribal_Council

add explanatoryNote: "The typical division of branches is into a legislature, an executive, and a judiciary."

      
131  ExecutiveBranch

add ExecutiveBranch as a subClassOf GovernmentBranch

add label: "executive branch"

add skos:definition: "the part of the government that has its authority and responsibility for the daily administration of the state."

add adaptedFrom: https://en.wikipedia.org/wiki/Executive_(government)

      
132  JudicialBranch

add JudicialBranch as a subClassOf GovernmentBranch

add label: "judicial branch"

add skos:"the system of courts that interprets and applies the law in the name of the state."

add adaptedFrom: https://en.wikipedia.org/wiki/Judiciary

add explanatoryNote: "The judiciary also provides a mechanism for the resolution of disputes. Under the doctrine of the separation of powers, the judiciary generally does not make law (that is, in a plenary fashion, which is the responsibility of the legislature) or enforce law (which is the responsibility of the executive), but rather interprets law and applies it to the facts of each case."

      
133  LegislativeBranch

add LegislativeBranch as a subClassOf GovernmentBranch

add label: "legislative branch"

add skos:" the law-making body of a political unit, usually a national government, that has power to enact, amend, and repeal public policy."

add adaptedFrom: https://en.wikipedia.org/wiki/Legislature

add explanatoryNote: " Laws enacted by legislatures are known as legislation. Legislatures observe and steer governing actions and usually have exclusive authority to amend the budget or budgets involved in the process."

add editorialNote: "The most common names for national legislatures are "parliament" and "congress". The members of a legislature are called legislators."

      
134  GovernmentDepartment

add GovernmentDepartment as a subClassOf GovernmentalEntity

add label: "government department"

add skos:definition: "a specialized organization responsible for a sector of government public administration"

add adaptedFrom: https://en.wikipedia.org/wiki/Ministry

add explanatoryNote: "A ministry is a specialized organization responsible for a sector of government public administration, sometimes led by a minister or a senior public servant, that can have responsibility for one or more departments, agencies, bureaus, commissions or other smaller executive, advisory, managerial or administrative organisations."

add explanatoryNote: "Government departments are analogous to ministries common in parliamentary or semi-presidential systems."

add explanatoryNote: "With the United States being a presidential system, their heads otherwise equivalent to ministers, do not form a government (in a parliamentary sense) nor are they led by a head of government separate from the head of state. The heads of the federal executive departments, known as secretaries of their respective department, form the traditional Cabinet of the United States, an executive organ that serves at the disposal of the president and normally act as an advisory body to the presidency."

add restricton: isManagedBy some GovernmentMinister

add disjoint relation with: GovernmentAgency

      
135  GovernmentInstrumentality

add GovernmentInstrumentality as a subClassOf GovernmentalEntity

add label: "government instrumentality"

add skos:definition: "an organization that serves a public purpose and is closely tied to federal and/or state government, but is not a government agency."

add adaptedFrom: http://www.investopedia.com/terms/i/instrumentality.asp

add explanatoryNote: "Many instrumentalities are private companies, and some are chartered directly by state or federal government. Instrumentalities are subject to a unique set of laws that shape their activities."

add restriction: isInstrumentOf some Government

add restriction: isMandatedBy some StatuteLaw

add disjoint relation with Government

      
136  GovernmentInstrumentalityAsPrivateCorporation

add GovernmentInstrumentalityAsPrivateCorporation as a subClassOf GovernmentInstrumentality and PrivatelyHeldCorporation

add label: "government instrumentality as private corporation"

add skos:definition: "an instrumentality that is a private company."

add adaptedFrom: http://www.investopedia.com/terms/i/instrumentality.asp

      
137  GovernmentInstrumentalityCreatedByStatute

add GovernmentInstrumentalityCreatedByStatute as a subClassOf GovernmentInstrumentality and StatutoryCorporation

add label: "government instrumentality created by statute"

add skos:definition: "an instrumentality that is chartered directly by state or federal government."

add adaptedFrom: http://www.investopedia.com/terms/i/instrumentality.asp

      
138  Polity

add Polity as a subClassOf JuridicalPerson

add label: "polity"

add skos:definition: "a state or one of its subordinate civil authorities, such as a province, prefecture, county, municipality, city, or district."

add adaptedFrom: https://en.wikipedia.org/wiki/Polity

add explanatoryNote: " It is generally understood to mean a geographic area with a corresponding government"

add restriction: hasSovereigntyOver some GeopoliticalEntity

add restriction: isRepresentedBy some Government

      
139  RegionalState

add RegionalState as a subClassOf Polity

add label: "regional state"

add skos:definition: "the legal entity that corresponds to an administrative division, administrative unit, administrative entity or country subdivision (or, sometimes, geopolitical division or subnational entity), that has the capacity to incur debt, issue contracts, and enter into relations with other similar entities"

add adaptedFrom: http://en.wikipedia.org/wiki/Administrative_division

add explanatoryNote: "A country may be divided into provinces, which, in turn, are divided into counties, which, in turn, may be divided in whole or in part into municipalities; and so on"

add seeAlso: "ISO 3166-2 Codes for the representation of names of countries and their subdivisions - Part 1, Country subdivision codes"

add restriction: hasSharedSovereigntyOver some FederalState

add restriction: isRepresentedBy exactly 1 RegionalGovernment

add disjoint relation with SovereignState

      
140  SovereignState

add SovereignState as a subClassOf Polity

add label: "sovereign state"

add skos:definition: "a nonphysical juridical entity that is represented by one centralized government that has sovereignty over a geographic area."

add adaptedFrom: http://en.wikipedia.org/wiki/Sovereign_state

add explanatoryNote: "A legal entity that is represented by one centralized government, has a permanent population, defined territory, and the capacity to enter into relations with other sovereign states.  It is identified as a legal entity as well as the setter of laws because it is able to incur debt in its own right and enter into contracts."

add restriction: hasFullSovereigntyOver some Country

add restriction: isRepresentedBy some NationalGovernment

add disjoint relation with RegionalState

      
141  Federation

add Federationas a subClassOf SovereignState

add label: "federation"

add skos:definition: "a political entity characterized by a union of partially self-governing states or regions under a central (federal) government."

add definitionOrigin: https://en.wikipedia.org/wiki/Federation

add explanatoryNote: "A federation is a political entity characterized by a union of partially self-governing states or regions under a central (federal) government. In a federation, the self-governing status of the component states, as well as the division of power between them and the central government, are typically constitutionally entrenched and may not be altered by a unilateral decision of either party, the states or the federal political body"

add editorialNote: "Federal entity in the sense of a legal entity, that is, what it is that incurs debt for a federal government, i.e. the Federal entity in the sense of the legal entity, as distinct from the Federal government. It is identified as a legal entity because it is able to incur debt in its own right."

add restriction: (hasFullSovereigntyOver min 1 Country) and (hasSharedSovereigntyOver min 2 FederalState)

(isRepresentedBy min 2 RegionalGovernment) and (isRepresentedBy exactly 1 FederalGovernment)

      
142  TribalEntity

add TribalEntity as a subClassOf Polity

add label: "tribal entity"

add skos:definition: "the indigenous tribe is a fundamental unit of sovereign tribal government."

add adaptedFrom: https://en.wikipedia.org/wiki/List_of_federally_recognized_tribes_by_state

add explanatoryNote: "Any indigenous group or community which is recognized as having rights and obligations independent to the central government"

add restriction: "hasPartialSovereigntyOver some GeopoliticalEntity"

add restriction: isRepresentedBy some TribalGovernment

      
143  TribalArea

add TribalArea as a subClassOf CountrySubdivision

add label: "tribal area"

add skos:definition: "designation of land reserved and managed for a tribe"

add adaptedFrom: https://en.wikipedia.org/wiki/Indian_reservation

      
143.1  MunicipalEntity

add class MunicipalEntity as a subClassOf Polity

add label: "municipal entity"

add skos:definition: "usually an urban administrative division having corporate status and usually powers of self-government or jurisdiction."

add adaptedFrom: https://en.wikipedia.org/wiki/Municipality

add restriction: hasSovereigntyOver some Municipality

add restriction: isRepresentedBy some MunicipalGovernment

      
143.2  MunicipalGovernment

add class MunipalGovernment as a subClassOf Government

add label: "municipal government"

add skos:definition: "the government for a municipality"

add definitionOrigin: http://www.thefreedictionary.com/municipal+government

add restriction: governs some Municipality

      
           
144 FunctionalEntitiesSoleProprietorshipThis needs to be moved to the SoleProprietorships directory and rdf module      
           
145 PublishersPublisher

Make Publisher a subClassOf PartyInRole instead of AgentInRole

add adaptedFrom: http://www.businessdictionary.com/definition/publisher.html

modify skos:definition to: "a party responsible for the printing or distribution of digital or printed information"

delete scopeNote as its content was rolled into the modified definition

 FIBOBE_4    
           
146 ControlPartiesimport CorporateControladd this import      
147  ContractualControllingPartychange restriction to support change from FormallyConstitutedOrganization to ContractuallyConstitutedOrganization. i.e.

isPlayedBy some
((holdsSomeMeansOf only ContractualControl) or (holdsAnInterestIn only ContractuallyConstitutedOrganization))

 

      
148  ControlledThingWithLimitedLiability

Shouldn't we remove this from this version since it is a mediating thing?

 

Add class ControlledThingWithLimitedLiability to support Mediating Pattern as a subClassOf ControlledThing

Add label: "controlled thing with limited liability"

Add skos:definition: ""

Add restriction: isPlayedBy some ( inverse (holdsControllingInterestIn) min 1 Thing)

  Not in scope BE 1.0. Target BE 1.1   
149  ControllingInterestPartychange restriction to support change from FormallyConstitutedOrganization to ContractuallyConstitutedOrganization. (see line 41)      
150  ControllingLeveragePartychange restriction to support change from FormallyConstitutedOrganization to ContractuallyConstitutedOrganization. (see line 41)      
151  DeFactoControllingInterestPartychange restriction to support change from FormallyConstitutedOrganization to ContractuallyConstitutedOrganization. (see line 41)      
152  DeJureControllingInterestPartychange restriction to support change from FormallyConstitutedOrganization to ContractuallyConstitutedOrganization. (see line 41)      
153  EntityControllingPartychange restriction to support change from FormallyConstitutedOrganization to ContractuallyConstitutedOrganization. (see line 41)      
154  InfluenceBasedDeFactoControllingInterestPartychange restriction to support change from FormallyConstitutedOrganization to ContractuallyConstitutedOrganization. (see line 41)      
155  InvestmentBasedDeFactoControllingInterestPartychange restriction to support change from FormallyConstitutedOrganization to ContractuallyConstitutedOrganization. (see line 41)      
156  LimitedControllingPartychange restriction to support change from FormallyConstitutedOrganization to ContractuallyConstitutedOrganization. (see line 41)      
157  PartyHoldingSomeOptionForControllchange restriction to support change from FormallyConstitutedOrganization to ContractuallyConstitutedOrganization. (see line 41)      
158  Receiverchange restriction to support change from FormallyConstitutedOrganization to ContractuallyConstitutedOrganization. (see line 41)      
159  DeJureControllingInterestPartychange restriction to support change from FormallyConstitutedOrganization to ContractuallyConstitutedOrganization. (see line 41)      
160  hasControllingInterestParty

change domain from FormallyConstitutedOrganization to ContractuallyConstitutedOrganization. (see line 41)

change range from ControllingInterestParty to LegalPerson in order to ensure that the relation is between independent things

      
161  hasSignificantControllingInterestParty

change domain from FormallyConstitutedOrganization to ContractuallyConstitutedOrganization. (see line 41)

change range from SignificantControllingInterestParty to LegalPerson (in order to specify a relation between independent things)

      
162  hasMajorityControllingParty

change name of property to hasMajorityControllingInterestParty

change label to "has majority controlling interest party"

change definition to: "relates a company to an organization that has a majority ownership and control over it, i.e., its parent organization, if there is one"

change superproperty from isControlledToSomeDegreeBy to hasSignificantControllingInterestParty

change domain from FormallyConstitutedOrganization to ContractuallyConstitutedOrganization. (see line 41)

change range from MajorityControllingInterestParty to LegalPerson (in order to specify a relation between independent things)

?????add synonym: hasParent

?????confer with MB and attorneys on rationale for this property and understand how it is different from isMajorityControlledBy

      
163  hasTotalOwner

move this to OwnershipParties ontology it does not belong in ControlParties

change domain from FormallyConstitutedOrganization to ContractuallyConstitutedOrganization. (see line 41)

change range from TotalOwner to LegalPerson (in order to specify a relation between independent things)

      
164  hasWholyControllingInterestParty

create new property hasWhollyControllingInterestParty as a subProperty of hasMajorityControllingInterestParty

add label: "has wholly controlling interest party"

add skos:definition: "relates a company to an organization that has 100 percent ownership and control over it"

add domain: ContractuallyConstitutedOrganization

add range: LegalPerson

      
165  isAffiliateOf

add isAffiliateOf as an object property

add label: "is affiliate of"

add skos:definition: "two parties are affiliates if either party has the power to control or influence the other, or a third party controls or influences or has the power to control or influence the both

add adaptedFrom: http://www.businessdictionary.com/definition/affiliate.html

add domain: LegalPerson

add range: LegalPerson

add property characteristic: symmetric

      
166  isControlledToSomeDegreeBy

change domain from FormallyConstitutedOrganization to ContractuallyConstitutedOrganization. (see line 41)

change range from ControllingParty to LegalPerson (in order to specify a relation between independent things)

      
167  isMajorityControlledBy(Discuss with MB)      
168          
169 CorporateControlGeneralStockCorporation

GeneralStockCorporation has been renamed to StockCorporation (see line 61)

remove the following restrictions since they point to relative things as the range, while the new updated properties point to independent things as the range

remove restriction: hasMajorityControllingInterestParty min 0 OverFiftyPercentControllingInterestCompany

remove restriction: hasSignificantControllingInterestParty min 0 SignificantShareholdingCompany

remove restriction: isWhollyOwnedBy min 0 TotalControllingInterestCompany

remove restriction: hasControllingInterestParty min 0 VotingShareholder

remove explanatoryNote (which should have really be an editorialNote) once we remove these restrictions

*These restrictions are not meaningful as stated with min 0 cardinality

*Review these restrictions with MB and determine whether we will keep them once we modify them to refer to Independent Things

      
170  AffiliateRemove class Affiliate. This has instead been replaced by the object property isAffiliateOf in ControlParties. At this point in time we will simply allow users to assert an affiliate relation without requiring it to be defined in FIBO since this will require further analysis and modeling that we can defer out to a future phase.      
171  ControlledCompanychange restriction to support change from FormallyConstitutedOrganization to ContractuallyConstitutedOrganization. (see line 41)      
172  TotalControllingInterestCompany

Change name of class from TotalControllingInterestCompany to WhollyControllingInterestCompany

change subClassOf from OverFiftyPercentControllingInterestCompany to VotingShareholdingCompany

change label to: "wholly controlling interest company"

      
173  DomesticUltimateParent Ensure DomesticUltimateParent is a subClassOf WhollyControllingInterestCompany      
274  GlobalUltimateParentEnsure GlobalUltimateParent is a subClassOf WhollyControllingInterestCompany GlobalUltimateParent    
175  NonWhollyOwnedSubsidiary

change name of class NonWhollyOwnedSubsidiary to MajorityOwnedSubsidiary

change label to ""majority owned subsidiary"

change skos:definition to: "a business unit of which 50% or more is owned by another company, such as a parent company or lateral-integrated unit."

add adaptedFrom: "http://www.businessdictionary.com/definition/majority-owned-subsidiary.html"

      
176  SignificantShareholdingCompany

change name of class to SignificantControllingInterestCompany

change label to "significant controlling interest company"

      
177  SignificantlyControlledCompany

add SignificantlyControlledCompany as a subClassOf ControlledCompany

add label: "significantly controlled company"

add skos:definition: "a company whose voting stock is less than 50% controlled by another company."

      
178  Subsidiary

add skos:definition: "a company whose voting stock is more than 50% controlled by another company, usually referred to as the parent company or holding company."

add adaptedFrom: http://www.investopedia.com/terms/s/subsidiary.asp

add explanatoryNote: "A subsidiary is a company that is partly or completely owned by another company that holds a controlling interest in the subsidiary company."

      
179  VotingShareholder

Change VotingShareholder to be a subClassOf fibo-be-le-cb:Shareholder (ie CorporateBodies) from being a subClassOf fibo-be-oac-cown:Shareholder (ie CorporateOwnership).


correct restrictions (holdsSomeVotingControlOf):

isPlayedBy some
((holdsMajorityControllingInterestIn min 1 Thing)
or (holdsSignificantControllingInterestIn min 1 Thing))

change restriction:

isPlayedBy some
((holdsSomeMeansOf only EquityBasedDeJureControl)
or (holdsAnInterestIn only GeneralStockCorporation))

to:

isPlayedBy some
((holdsSomeMeansOf only EquityBasedDeJureControl)
or (holdsAnInterestIn only ProfitCorporationWithLimitedShareholderLiability))

 

      
180  VotingShareholdingCompany

change restriction to support change from FormallyConstitutedOrganization to ContractuallyConstitutedOrganization. (see line 41)

should be hasIdentity only ContractuallyConstitutedOrganization

      
181  WhollyControllingInterestCompany

add WhollyControllingInterestCompany as a subClassOf VotingShareholdingCompany

add label: "wholly controlling interest company"

add skos:definition: "an organization having 100 percent ownership one or more organizations it holds voting shares in"

add explanatoryNote: "By virtue of holding 100 percent of the share ownership, the total controlling interest company also holds 100 percent of the controlling equity, if there is a difference.  Therefore, it is both a total owner and a total controlling party."

add synonym: "parent company"

      
182  WhollyOwnedSubsidiary

add class WhollyOwnedSubsidiary as a subClassOf Subsidiary

add label: "wholly owned subsidiary"

add skos:definition: "a company whose common stock is 100% owned by another company, called the parent company"

add adaptedFrom: http://www.investopedia.com/terms/w/whollyownedsubsidiary.asp

      
183  hasAffiliateremove hasAffiliate, since it is instead in ControlParties as isAffiliateOf see line 165      
184  hasDomesticUltimateParent

change superproperty from hasMajorityControllingParty to isMajorityControlledBy

remove domain and range since they are inherited from the superproperty

      
184.1  hasGlobalUltimateParent

change superproperty from hasMajorityControllingParty to isMajorityControlledBy

remove domain and range since they are inherited from the superproperty

      
184.2  hasMajorityControllingInterestParty

remove this from CorporateControl since is defined in ControlParties

see line 162

      
184.3  hasMajorityOwnedSubsidiary

change domain to ContractuallyConstitutedOrganization (from GeneralStockCorporation)

change range from WhollyOwnedSubsidiary to JuridicalPerson (embodies change from a relative to an independent thing and corrected the integrity of the range)

      
184.4  hasSubsidiary

change domain to ContractuallyConstitutedOrganization (from GeneralStockCorporation)

change range from Subsidiary to JuridicalPerson (embodies change from a relative to an independent thing and corrected the integrity of the range)

      
185  holdsControllingInterestIn

rename property to holdsSomeVotingControlOf (because it's definition describes voting control)

remove superproperty relation to holdsAnInterestIn

make this a subProperty of controls

change label to "holds some voting control of"

change definition to: "relates an interested party to a company in which that party owns some unassigned voting equity stake and/or has been assigned some voting rights from other shareholders or a court"

change range from GeneralStockCorporation to ContractuallyConstitutedOrganization

add domain of LegalPerson

      
185.1  holdsMajorityControllingInterestIn

change subProperty relation from holdsControllingInterestIn to holdsSignificantControllingInterestIn

remove domain (inherits from superproperty)

change range from GeneralStockCorporation to ContractuallyConstitutedOrganization

      
185.2  holdsSignificantControllingInterestIn

remove domain (inherits from superproperty)

change range from GeneralStockCorporation to ContractuallyConstitutedOrganization

      
   holdsTotalControllingInterestIn????      
185.3  isWhollyOwnedByremove isWhollyOwnedBy as it is redundant with hasTotalOwner in ControlParties      
           
           
186 CorporateOwnershipShareholder

Remove Shareholder

(See line 53. Which actually moves Shareholder from CorporateOwnership to CorporateBodies)

      
187  PublicShareholderChange subClassOf from cown:Shareholder to cb:Shareholder (as Shareholder is being moved to CorporateBodies)      
187.1  BeneficialOwnerChange subClassOf from cown:Shareholder to cb:Shareholder (as Shareholder is being moved to CorporateBodies)      
187.2  RegisteredShareholderChange subClassOf from cown:Shareholder to cb:Shareholder (as Shareholder is being moved to CorporateBodies)      
187.3  Shareholding

change restriction isEquityHeldBy only cown:Shareholder to

isEquityHeldBy only cb:Shareholder (as Shareholder is being moved to CorporateBodies)

      
           
188 OwnershipPartiesGuaranteeProvidingMemberNote: GuaranteeProvidingMember in OwnershipParties must now be a subClassOf ContractuallyConstitutedOrganizationMember (instead of FormallyConstitutedOrganizationMember)      
   ConstitutionalOwner

Confer with MB on this label

change restriction from: isPlayedBy some

((holdsAnInterestIn only FormallyConstitutedOrganization) or (holdsEquity only StockholdersEquity)) to:

isPlayedBy some

((holdsAnInterestIn only ContractuallyConstitutedOrganization) or (holdsEquity only StockholdersEquity))

**** Scutunize the logical validity of this restriction (which is patently wrong) ****

      
   EntityOwner

in restriction change from FormallyConstitutedOrganization to ContractuallyConstitutedOrganization. (see line 41)

change label to: "entity owner"

change skos:definition to: "a party that has some ownership interest in some contractually constituted organization"

**** Scutunize the logical validity of this restriction (which is patently wrong) ****

***** Challenge: EntityOwner legacy uses the following restriction:

(isPlayedBy some (holdsEquity only Equity))
or (holdsAnInterestIn min 1 Thing). The property holdsAnInterestIn is a subProperty of owns, which implies ownership interest. However, holdsAnInterestIn is also used in other restrictions where it only implies some form of dejure control (not necessarily ownership). This conflict needs to be resolved. The restrictions where holdsAnInterestIn is used must be reviewed and possibly updated with more accurate object properties.

----------------------------------------------

change restriction to: holdsAnOwnershipInterestIn some ContractuallyConstitutedOrganization

 

      
   holdsAnInterestIn

change name of property to holdsAnOwnershipInterestIn

change label to: "holds an ownership interest in"

change definition to: "links a party to some organization it holds an ownership interest in"

remove the domain since this property inherits IndependentParty from owns as the default domain

      
   GuaranteeProvidingMember

remove restriction:

isPlayedBy some (guarantees some BodyIncorpratedWithGuarantee)

add restriction:

isPlayedBy some (guarantees some CorporationLimitedByGuarantee)

      
   Investorchange restriction:

isPlayedBy some
((holdsAnOwnershipInterestIn only FormallyConstitutedOrganization) or (holdsEquity only InvestmentEquity)) to:

isPlayedBy some
((holdsAnOwnershipInterestIn only ContractuallyConstitutedOrganization) or (holdsEquity only InvestmentEquity))

      
   hasConstitutionalOwner

change name of object property to isMajorityOwnedBy

change label

change definition

      
   isPartiallyOwnedBy

change name of object property to is SignificantlyOwnedBy

change label

change domain to ConstractuallyConstituedOrganization from FormallyConstitutedOrganization

change range to LegalPerson from EntityOwner

      
   hasInvestorchange range from Investor to LegalPerson      
   isEquityHeldByremove the range since this property inherits IndependentParty from isOwnedBy as the default range via an inverse inference      
   holdsEquityremove the domain since this property inherits IndependentParty from owns as the default domain      
           
189 ExecutivesVotingShareholder

add restriction:

isPlayedBy only (holdsControllingOwnershipOf some Corporation)

(previously label of this object roperty is holdsControllingInterestIn) — must reconciled

      
   CorporateOfficer

change restriction:

hasIdentity only NaturalPerson

to:

hasIdentity only LegallyCapablePerson

      
189  CorporateOfficeCapacity

change restriction:

isConferredBy min 1 CompanyLaw

to:

isConferredBy some CompanyLaw

      
   Executive

change restriction:

hasIdentity only NaturalPerson

to:

hasIdentity only LegallyCapablePerson

      
   ResponsibleParty

change restriction:

hasIdentity only NaturalPerson

to:

hasIdentity only LegallyCapablePerson

      
   delegatesControlTochange range from LegallyDelegatedAuthority to LegalPerson      
   hasDelegatedControlOfItselfresearch this property (doesn't make sense)      
   hasResponsibleParty

remove property as subPropertyOf hasPartyInRole (Now should be a top level subProperty????)

change range from ResponsibleParty to LegalPerson

      
190          
191          
192 BEJurisdictionsOut of scope for BE 1.0       
193          
194 UKCorporateBodiesOut of scope for BE 1.0       
195          
196 USCorporateBodiesOut of scope for BE 1.0       
197          
198 UKLEIEntitiesOut of scope for BE 1.0       
199          
200 USLEIEntitiesOut of scope for BE 1.0       
201          
202 UKPartnershipsOut of scope for BE 1.0       
203          
204 USPartnershipsOut of scope for BE 1.0       
205          
206 UKPrivateLimitedCompaniesOut of scope for BE 1.0       
207          
208 USPrivateLimitedCompaniesOut of scope for BE 1.0       
209          
210          
211          
212          
213          
214          
215          

Notes:

 

1) Changes to JointVenture annotations.  

Formerly:

definition: "A formal venture between two or more business entities"

editorialNote: "Detailed properties still to be modeled. This will be similar to Partnership in that it will have two or more venture partners (need to determine best label for these), and some formal standing. Also to research: whether JVs are only instituted via mutual share ownership and therefore may only be between limited companies (or may only be a limited company but may have other types of legal person and/or legal entity as venture partners)."

Now (in BE91):

explanatoryNote: "A joint venture is a contractual business undertaking between two or more parties. It is similar to a business partnership, with one key difference: a partnership generally involves an ongoing, long-term business relationship, whereas a joint venture is based on a single business transaction. Individuals or companies choose to enter joint ventures in order to share strengths, minimize risks, and increase competitive advantages in the marketplace. Joint ventures can be distinct business units (a new business entity may be created for the joint venture) or collaborations between businesses. In a collaboration, for example, a high-technology firm may contract with a manufacturer to bring its idea for a product to market; the former provides the know-how, the latter the means."

explanatoryNote: "An enterprise entered into by two or more people for profit, for a limited purpose, such as purchase, improvement and sale or leasing of real estate. A joint venture has most of the elements of a partnership such as shared management, the power of each venturer to bind the others in the business, division of profits, and joint responsibility for losses. However, unlike a partnership, a joint venture anticipates a specific area of activity and/or period of operation, so after the purpose is completed, bills are paid, profits (or losses) are divided, and the joint venture is terminated"

definition: "A formal venture between two or more business entities. An association of two or more individuals or companies engaged in a solitary business enterprise for profit without actual partnership or incorporation; also called a joint adventure."

editorialNote: "A joint venture is not a business entity. It would not be borrowing in its own name or have a bank account. The joint venture partners could open a bank account and be named individually as the title holders. It may result in the formation of a business entity that can be, for example, a corporation, partnership, or LLC. At that point in time it ceases to be a joint venture, as it becomes an entity in its own right."

 

2) Changes to LegalPersons:  Need to document all net new classes and properties that were migrated over from BusinessEntities.rdf into LegalPersons.rdf

3) For FormalBusinessOrganizations.rdf remove propertyChainAxiom from BE-91 David's Pink Fork "

<rdf:Description
rdf:about="&fibo-fnd-org-fm;isDomiciledIn">
<owl:propertyChainAxiom>
<rdf:Description>
<rdf:first
rdf:resource="&fibo-be-le-lp;isOrganizedIn"/>
<rdf:rest>
<rdf:Description>
<rdf:first
rdf:resource="http://spec.edmcouncil.org/fibo/FND/Law/Jurisdiction/hasReach"/>
<rdf:rest
rdf:resource="&rdf;nil"/>
</rdf:Description>
</rdf:rest>
</rdf:Description>
</owl:propertyChainAxiom>
</rdf:Description>

"

Not only does this property chain not belong in FBO, but we have not yet concluded a formal FIBO policy on how to express and organize rules in FIBO.  Documenting this as a note for awareness.

4) BodyIncorporatedThroughAgreement - this was removed.  Dean will research this in git and JIRA to find out details.

5) Discuss OMG Resolution strategy with Elisa.  Is it more expedient to define a resolution by module e.g. LegalPersons or to create individual resolutions grouped by some common concept e.g. BusinessObjective?

6) Dean will merge CorporateBodies and Corporations after we determine what the impact is and benefit.

7) Needs resolution: isLegallyDefinedIn.  Currently the object property resides in LegalPersons and has a range of GeopoliticalEntity.  We recommend that the range should instead by Jurisdiction.  Furthermore, we need to link a jurisdiction to a kind of Polity perhaps via the LegalSystem.  We may consider introduce a new relation between Polity and the LegalSystem it authorizes. 

8) add explanatoryNote to PartnershipWithGeneralPartners that explains the OWL nuances for allowsUnlimitedLiabilityOn only (playsRole some GeneralPartner) and allowsUnlimitedLiabilityOn min 1 

9) Dean will work on plan to eliminate circular dependencies and will identify strategy on how we (DA, EK, DN) can multi-task the resolutions

10) We have found the property in ControlParties (isEquityHeldBy) to be erroneous and redundant with the same named property in OwnershipParties.  This property will not be part of the submission and will be removed.  This also includes the same property in CorporateOwnership, which will also not be part of the submission.

11) We are also recommending not to include the inclusion of the following properties (indirectlyControls, isIndirectlyControlledby) in ControlParties to be part of the submission.  We will defer these to the next release of BE.

12) In ControlParties we have also identified a set of properties that were intended to support various mediating pattern structures and will not be part of this submission.  These include the following: hasControllingInterestHolder, hasControllingInterestInThing, 

13) We have decided not to model property chain axioms that produce inferences (for example isOrganizedIn o hasReach subClassOf isDomiciledIn). However we will use property chains to model definitions of concepts (for example isEstablishedBy o isInForceIn o hasReach subClassOf isLegallyDefinedIn expresses the meaning of isLegallyDefinedIn).

14) Resolve ambiguous ownership and control relations:

a) Identify the list of all types of ownership relations

b) identify the list of all types of control relations

c) identify the list of all types of ownership AND control relations

d) Validate the appropriate module where the relation should be defined in the ontology






 

 

 

 

 

 

 

 

 

 

 

 

 

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