Cross-referenced to actions listed on Actions for BE 1.0 FTF Completion for Reston OMG

Resolution A (BE-111; FIBOBE-_11)

Dependency: None (can be done on the original pink)

Title: "Business Entities are Missing Business Objectives"

Rationale:

Identifying the business objectives of an organization is fundamental for a bank to understand and better serve the business entity once it is on-boarded as a customer. Business objectives also differentiate entities into various legal forms and organizational categories that identify for example non profit and religious corporations, as well as non governmental organizations. It also serves to define whether an organization is eligible for certain tax benefits. The semantics of business objectives were missing from the prior release of BE.

Discussion:

This issue affects sections 9.2.1 Legal Persons, 9.2.2 Formal Business Organizations, 9.2.3 Corporate Bodies, 9.3.1 Corporations, and 9.4.1, Partnerships.

The modifications defined herein are entirely additive, i.e., this is all new content for Business Entities. There are, however, two new restrictions, in Corporations and Partnerships, that restrict two classes slightly more than in the prior FTF 1 version. These restrictions should have minimal impact on existing implementations, however.

This resolution has no dependencies on any others in the FTF 1 report. The changes made herein are, however, required by at least one downstream resolution.

Resolution:

A. Revise the LegalPersons ontology as follows:

1. Revise the owl:versionIRI for the model from

http://www.omg.org/spec/EDMC-FIBO/BE/20150201/LegalEntities/LegalPersons/
to
http://www.omg.org/spec/EDMC-FIBO/BE/20160201/LegalEntities/LegalPersons/

2. Revise the copyright statement from

to

3. Import the Objectives ontology (FND/Objectives), by importing the Objectives ontology via package imports into Legal Persons, with a Qname of fibo-fnd-gao-obj.

4. Add a new class "BusinessObjective" (19) with

an rdfs:label of "business objective"

as an rdfs:subclass of Objective (from FND/Objectives)

with a skos:definition of "an objective that reflects the strategic goals and direction of a business"

with a fibo-fnd-utl-av:explanatoryNote of "Business objectives allow an organization to define its goals and direction. 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."

with a fibo-fnd-utl-av:adaptedFrom of "Barron's Dictionary of Business and Economics Terms, Fifth Edition, 2012"

5. Add a new class "NotForProfitObjective" (20) with

an rdfs:label of "not for profit objective"
with a fibo-fnd-utl-av:synonym of "non-profit objective"

as an rdfs:subclass of Objective (from FND/Objectives)

with a skos:definition of "an objective that reflects the charitable, educational, religious, humanitarian, public services, or other not for profit goals of an organization"

with a fibo-fnd-utl-av:explanatoryNote of "The objective of all business activities is not to earn profits for its owners. All of the money earned by or donated to a not for profit organization is used in pursuing the organization's objectives."

with a fibo-fnd-utl-av:adaptedFrom of "Barron's Dictionary of Business and Economics Terms, Fifth Edition, 2012"
with a fibo-fnd-utl-av:adaptedFrom of http://www.investopedia.com/terms/n/not-for-profit.asp

6. Add a new class "ReligiousObjective" (21) with

an rdfs:label of "religious objective"
as an rdfs:subclass of NotForProfitObjective
with a skos:definition of "a not for profit objective that reflects the religious goals of an organization"

7. Add a new class "ProfitObjective" (22) with

an rdfs:label of "profit objective"
with a fibo-fnd-utl-av:synonym of "for profit objective"
with a fibo-fnd-utl-av:synonym of "profit motive"

as an rdfs:subclass of BusinessObjective

with a skos:definition of "an objective that reflects pursuit of a financial benefit that may be realized when the amount of revenue gained from a business activity exceeds the expenses, costs and taxes needed to sustain that activity"

with a fibo-fnd-utl-av:explanatoryNote of "Any profit that is gained goes to the business's owners, who may or may not decide to spend it on the business."

with a fibo-fnd-utl-av:adaptedFrom of "Barron's Dictionary of Business and Economics Terms, Fifth Edition, 2012"
with a fibo-fnd-utl-av:adaptedFrom of http://www.investopedia.com/terms/p/profit.asp
add an owl:disjointWith NotForProfitObjective

8. Add a new class "PublicPurpose" (23) with

an rdfs:label of "public purpose"
with a fibo-fnd-utl-av:synonym of "public interest"
as an rdfs:subclass of Objective
with a skos:definition of "an objective that reflects values generally thought to be shared by and that is intended to benefit the populace as a whole"
with a fibo-fnd-utl-av:adaptedFrom of http://www.yourdictionary.com/public-purpose
with a fibo-fnd-utl-av:adaptedFrom of "Barron's Dictionary of Business and Economics Terms, Fifth Edition, 2012"

9. Add a new object property "hasObjective" (24) with

an rdfs:label of "has objective"
an rdfs:subproperty of fibo-fnd-rel-rel:has
an rdfs:domain of fibo-fnd-aap-agt:AutonomousAgent (requires creation of a proxy class for AutonomousAgent in LegalPersons, making the LegalPerson class a child of this new proxy class)
an rdfs:range of fibo-fnd-gao-obj:Objective
a skos:definition of "a specific objective (result) that a person, organization, or system aims to achieve within a time frame and with available resources"
a fibo-fnd-utl-av:adaptedFrom of http://www.businessdictionary.com/definition/objective.html

B. Revise the FormalBusinessOrganizations ontology as follows:

1. Revise the owl:versionIRI for the model from

http://www.omg.org/spec/EDMC-FIBO/BE/20150201/LegalEntities/FormalBusinessOrganizations/
to
http://www.omg.org/spec/EDMC-FIBO/BE/20160201/LegalEntities/FormalBusinessOrganizations /

2. Revise the copyright statement from

to

3. Add a new class "NotForProfitOrganization" (44) with

an rdfs:label of "not for profit organization"
a fibo-fnd-utl-av:synonym of "non-profit organization"

as an rdfs:subclass of FormalOrganization (from FND/FormalOrganizations)

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

with a fibo-fnd-utl-av:explanatoryNote of "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 other 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."
with a fibo-fnd-utl-av:explanatoryNote of "In the US, a nonprofit organization is an association that explicitly is not required to pay taxes on its income. Such organizations are qualified for this exemption due to their socially desirable objective (e.g. hospitals, charitable organizations, etc., or because they meet some set of requirements as determined by the US Internal Revenue Service."
with a restriction that constrains the organization's objective to be an rdfs:subClassOf fibo-be-le-lp:hasObjective some fibo-be-le-lp:NotForProfitObjective
with a restriction that constrains the definition of a NotForProfitOrganization to be disjoint with (fibo-be-le-lp:hasObjective some fibo-be-le-lp:ProfitObjective)

with a fibo-fnd-utl-av:adaptedFrom of https://en.wikipedia.org/wiki/Nonprofit_organization
with a fibo-fnd-utl-av:adaptedFrom of "Barron's Dictionary of Business and Economics Terms, Fifth Edition, 2012"

4. Add a new class "NonGovernmentalOrganization" (45) with

an rdfs:label of "non-governmental organization"
a fibo-fnd-utl-av:abbreviation of "NGO"

as an rdfs:subclass of NotForProfitOrganization

with a skos:definition of "a not for profit organization that is a citizen-based group that functions independently of government"

with a fibo-fnd-utl-av:explanatoryNote of "NGOs are neither a part of a government nor a conventional for-profit business. Usually set up by ordinary citizens, NGOs may be funded by governments, foundations, businesses, or private persons."
with a fibo-fnd-utl-av:explanatoryNote of "NGOs, sometimes called civil societies, are organized on community, national and international levels to serve specific social or political purposes, and are cooperative, rather than commercial, in nature."
with a fibo-fnd-utl-av:explanatoryNote of "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."
with a restriction that constrains the organization's objective to be an rdfs:subClassOf fibo-be-le-lp:hasObjective some fibo-be-le-lp:PublicPurpose

with a fibo-fnd-utl-av:adaptedFrom of https://en.wikipedia.org/wiki/Non-governmental_organization
with a fibo-fnd-utl-av:adaptedFrom of http://www.investopedia.com/ask/answers/13/what-is-non-government-organization.asp

C. Revise the CorporateBodies ontology as follows:

1. Revise the owl:versionIRI for the model from

http://www.omg.org/spec/EDMC-FIBO/BE/20150201/LegalEntities/CorporateBodies/
to
http://www.omg.org/spec/EDMC-FIBO/BE/20160201/LegalEntities/CorporateBodies/

2. Revise the copyright statement from

to

3. Revise the definition of class GeneralStockCorporation (61) as follows:

with a new restriction that constrains a general stock corporation to have an objective, that is, to be an rdfs:subClassOf fibo-be-le-lp:hasObjective some fibo-be-le-lp:ProfitObjective

4. Revise the definition of class BenefitCorporation as follows:

revise the rdfs:subClassOf relationship to be with fibo-be-le-cb:NotForProfitCorporation

revise the skos:definition to be “a not for profit corporation set up under specific state legislation to provide some stated societal benefit, and with some corresponding relaxation of the obligation to maximize shareholder return”

5. Revise the definition of class CommonInterestDevelopmentCorporation as follows:

revise the rdfs:subClassOf relationship to be with fibo-be-le-cb:NotForProfitCorporation
revise the skos:definition to be “a not for profit corporation set up under specific state legislation as a business entity for homeowners' associations”

6. Revise the definition of class NonProfitCorporation as follows:

rename the class from NonProfitCorporation to NotForProfitCorporation
revise the rdfs:label from “non-profit corporation” to “not for profit corporation”
add a new rdfs:subClassOf relationship with fibo-be-le-fbo:NotForProfitOrganization

D. Revise the Corporations ontology as follows:

1. Revise the owl:versionIRI for the model from

http://www.omg.org/spec/EDMC-FIBO/BE/20150201/Corporations/Corporations/
to
http://www.omg.org/spec/EDMC-FIBO/BE/20160201/Corporations/Corporations/

2. Revise the copyright statement from

to

3. Add entity and namespace declaration for the LegalPersons ontology, and add an owl:imports statement for the Legal Persons ontology

4. Add a dependsOn annotation for the LegalPersons ontology

5. Add a new class "ReligiousCorporation" (71) with

an rdfs:label of "religious corporation"

as an rdfs:subclass of NotForProfitCorporation

with a skos:definition of "a not for profit organization whose objective is specific to some fundamental set of beliefs and practices generally agreed upon by a number of people, and that is incorporated under the law"

with a fibo-fnd-utl-av:explanatoryNote of "Often religious corporations are recognized under the law on a sub-national level, for instance by a state or provincial government. The government agency responsible for regulating such corporations is usually the official holder of records, for instance a state department of corporations."
with a restriction that constrains the organization's objective to be an rdfs:subClassOf fibo-be-le-lp:hasObjective some fibo-be-le-lp:ReligiousObjective

with a fibo-fnd-utl-av:adaptedFrom of https://en.wikipedia.org/wiki/Religious_corporation

E. Revise the Partnerships ontology as follows:

1. Revise the owl:versionIRI for the model from

http://www.omg.org/spec/EDMC-FIBO/BE/20150201/Partnerships/Partnerships/
to
http://www.omg.org/spec/EDMC-FIBO/BE/20160201/Partnerships/Partnerships /

2. Revise the copyright statement from

to

3. Revise the definition of class Partnership as follows:

with a new restriction that constrains a partnership to having an optional objective, that is, to be an rdfs:subClassOf fibo-be-le-lp:hasObjective min 0 fibo-be-le-lp:ProfitObjective

*** Original modifications are available at https://github.com/dallemang/fibo/tree/BER/Resolution_A/be

*** Draft resolution document, with revisions as stated above, has been posted to JIRA issue BE-111, along with the relevant OWL and model files

Resolution B (Removed)

Dependency: None

Title: Juridical Person

Rationale: see (2) (4) (6)

In LegalPerson.rdf,

change JuridicalPerson from a subclass of LegalEntity to a subclass of LegalPerson

Remove JuridicalPerson subclassof FormalOrganization (4)

Add subclassof restriction on property &fibo-be-le-lp;isLegallyDefinedIn some \[hasReach some GeopoliticalEntity\] (2)

Add disjointwith &fibo-fnd-aap-ppl;LegallyCapablePerson (6)

Resolution C (BE-112; FIBOBE-_12)

Dependency: Resolution A

Title: "The class name and definition of GeneralStockCorporation is jurisdiction-specific and not sufficiently broad for banking requirements"

Rationale:

Various US states and other jurisdictions define corporations that are incorporated through the issuance of shares in a number of ways. The term GeneralStockCorporation appears to be specific to the State of California. Other states call this "Domestic Stock Corporation", "Domestic Business Corporation", "Domestic Corporation", and so forth. What is actually needed are two classes as subclasses of Corporation: (1) a concept that represents a corporation incorporated through the issuance of shares, which is disjoint with a body incorporated through agreement and a body incorporated with guarantee, and (2) a parallel concept that represents a for-profit corporation that is disjoint with a nonprofit corporation. Jurisdiction-specific corporations that are both for-profit and stock corporations can specialize these classes as appropriate.

Discussion:

This issue affects sections 9.2.3 Corporate Bodies, 9.3.1 Corporations, 9.4.1, Partnerships, 9.6.3 Corporate Ownership, and 9.6.4 Corporate Control. It involves (1) changing the name of GeneralStockCorporation to StockCorporation, and adding a second class, ForProfitCorporation, (2) teasing out the two aspects of the definition of the current GeneralStockCorporation to separate the incorporation type from the profit motivation, and (3) revising the places in BE where the name change is required (and/or where use of ForProfitCorporation, or the union of the two classes makes sense).

To date, the current GeneralStockCorporation class has only been used in BE, and thus the name change has no impact on the FIBO FBC and FIBO IND specifications, nor does it impact work in progress on FIBO SEC (Securities).

Resolution:

A. Revise the CorporateBodies ontology as follows:

Change name of GeneralStockCorporation to StockCorporation as follows:

revise the class name from fibo-be-le-cb:GeneralStockCorporation to fibo-be-le-cb:StockCorporation

revise the rdfs:label to be "stock corporation"

revise the definition to be skos:definition "a corporation that has shareholders (stockholders), each of whom receives a portion of the ownership of the corporation through shares of stock".
remove the restriction that constrains the organization's objective to be an rdfs:subClassOf fibo-be-le-lp:hasObjective some fibo-be-le-lp:ProfitObjective (added in resolution A, above – see 2, below for the new class ForProfitCorporation that incorporates this restriction)
revise the restriction on property issuesEquity from a min 1 QCR to someValuesFrom
add a constraint that StockCorporation is disjoint with BodyIncorporatedThroughAgreement
add a constraint that StockCorporation is disjoint with BodyIncorporatedWithGuarantee

2. Revise the definition of BodyIncorporatedWithGuarantee to state that it is disjoint with BodyIncorporatedThroughAgreement

3. Add a new class, ForProfitCorporation, as follows:

an rdfs:label of "for profit corporation"

as an rdfs:subclass of Corporation

with a skos:definition of "a corporation whose objective is to make money, in other words, to ensure realization of a financial benefit such that the amount of revenue gained from a business activity exceeds the expenses, costs and taxes needed to sustain that activity"
with a restriction that constrains the organization's objective to be an rdfs:subClassOf fibo-be-le-lp:hasObjective some fibo-be-le-lp:ProfitObjective
with a constraint that ForProfitCorporation is disjoint with NotForProfitCorporation

with a fibo-fnd-utl-av:adaptedFrom of http://www.investopedia.com/terms/p/profit.asp

4. Revise property issuesEquity as follows:

revise the rdfs:domain to be StockCorporation
revise the skos:definition to be "relates a stock corporation to the equity (in the form of shares) it issues through incorporation and subsequent corporate actions"

B. Revise the Corporations ontology as follows:

Revise the class name of the extended definition for GeneralStockCorporation to StockCorporation

revise the name to be StockCorporation
revise the restriction on property fibo-fnd-rel-rel:isGovernedBy from a min 1 QCR on BoardAgreement to someValuesFrom BoardAgreement

2. Revise the parent class for JointStockCompany, PrivatelyHeldCompany, and PubliclyHeldCompany from GeneralStockCorporation to StockCorporation

C. Revise the Partnerships ontology as follows:

Revise the rdfs:subClassOf relationship for PartnershipIncorporatedByEquity from GeneralStockCorporation to StockCorporation

D. Revise the Corporate Ownership ontology as follows:

1. Revise the owl:versionIRI for the model from

http://www.omg.org/spec/EDMC-FIBO/BE/20150201/OwnershipAndControl/CorporateOwnership/
to
http://www.omg.org/spec/EDMC-FIBO/BE/20160201/OwnershipAndControl/CorporateOwnership/

2. Revise the copyright statement from

to

3. Revise the definition of Shareholder to change one of its restrictions from

fibo-fnd-pty-rl:isPlayedBy some ((fibo-be-oac-opty:holdsEquity only fibo-fnd-acc-aeq:StockholdersEquity)
or (fibo-be-oac-opty:holdsAnInterestIn only fibo-be-le-cb:GeneralStockCorporation))

to

fibo-fnd-pty-rl:isPlayedBy some ((fibo-be-oac-opty:holdsEquity only fibo-fnd-acc-aeq:StockholdersEquity)
or (fibo-be-oac-opty:holdsAnInterestIn only fibo-be-le-cb:StockCorporation))

E. Revise the Corporate Control ontology as follows:

1. Revise the owl:versionIRI for the model from

http://www.omg.org/spec/EDMC-FIBO/BE/20150201/OwnershipAndControl/CorporateControl/
to
http://www.omg.org/spec/EDMC-FIBO/BE/20160201/OwnershipAndControl/CorporateControl/

2. Revise the copyright statement from

to

3. Revise the extended definition of GeneralStockCorporation to be an extended definition of StockCorporation

change the name from GeneralStockCorporation to StockCorporation
revise the explanatory note to replace "incorporated company" with "stock corporation"

4. Revise a number of properties to change either their domain or range from GeneralStockCorporation to StockCorporation, including hasAffiliate, hasDomesticUltimateParent, hasGlobalUltimateParent, hasMajorityControllingInterestParty, hasMajorityOwnedSubsidiary, hasSubsidiary, holdsControllingInterestIn, holdsMajorityControllingInterestIn, holdsSign<ificantControllingInterestIn, and isWhollyOwnedBy

5. Revise the definition of VotingShareholder to change the restriction on holding EquityBasedDeJureControl from

fibo-fnd-pty-rl:isPlayedBy some ((fibo-be-oac-cpty:holdsSomeMeansOf only fibo-be-oac-cpty:EquityBasedDeJureControl)
or (fibo-be-oac-opty:holdsAnInterestIn only fibo-be-le-cb:GeneralStockCorporation))

to

fibo-fnd-pty-rl:isPlayedBy some ((fibo-be-oac-cpty:holdsSomeMeansOf only fibo-be-oac-cpty:EquityBasedDeJureControl)
or (fibo-be-oac-opty:holdsAnInterestIn only fibo-be-le-cb:StockCorporation))

Resolution D (BE-96; FIBOBE-_9)

Title: The Legal Persons ontology is missing the concept of a Business Entity

Rationale:

The notion of a business entity is missing from the legal persons ontology. Business entities would include business trusts, corporations, partnerships, companies with limited liability, and potentially sole proprietorships, which are all kinds of businesses.

This is fundamental, and the definition is not the same as that of a legal person or juridical person, so needs distinct treatment.

Resolution:

A. Revise the LegalPersons ontology as follows:

Add owl:imports statements (including entity declarations and imports) for FND/FinancialDates, FND/BusinessDates, and FND/Agreements
Modify the hasObjective property to be a subproperty of fibo-fnd-rel-rel:has and revise the skos:definition to be "relates an agent to a specific objective (result) that the agent aims to achieve within a time frame and with available resources"
Modify the isRecognized in property to (1) revise the definition to be "indicates the jurisdiction in which a legal person is authorized to conduct business or an agreement may be acknowledged and possibly enforceable", and (2) to have a domain of the union of LegalPerson and Agreement (was simply LegalPerson)

4. Add a new class, called BusinessEntity, as follows:

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: "There are many types of business entities defined in the legal systems of various countries. These include corporations, cooperatives, partnerships, sole proprietorships, sole traders, limited liability companies, certain trusts and trust companies, and so forth. The specific rules vary by country and by state or province. Some of the more widely recognized types in the US, UK, and EU are defined in FIBO, by region. However, the regulations governing particular types of entity, even those described as roughly equivalent, differ from jurisdiction to jurisdiction."
add adaptedFrom: http://en.wikipedia.org/wiki/Types_of_business_entity
add adaptedFrom: Barron's Dictionary of Business and Economics Terms, Fifth Edition, 2012
add restriction: hasObjective some BusinessObjective
add restriction holds min 0 License

5. Add a new class, called BusinessLicense, as follows:

add class BusinessLicense as a subClassOf License
add label "business license"
add skos:definition: "a license that allows the holder to conduct business or carry out a specific profession within some jurisdiction for some period of time"
add adaptedFrom: Barron's Dictionary of Business and Economics Terms, Fifth Edition, 2012
add restriction: fibo-fnd-rel-rel:appliesTo exactly 1 BusinessEntity
add restriction: isRecognizedIn some Jurisdiction
add restriction: fibo-fnd-dt-bd:holdsDuring exactly 1 DatePeriod

Resolution E - Provide Expressions to Describe Liabilities of Business Entities (Priority)

Depends on (D) because it refers to BusinessEntity

Summary: Describe corporate forms based in Liability structure. The current BE content does not adequately provide expressions for the semantics of liability, which is a major area of importance to banks as a prerequisite for risk management, litigation and debt collection. This cuts across corporations, partnerships, private limited companies, trusts and sole proprietorships.

Resolution:

A. Revise the legalPersons ontology as follows:

add ObjectProperty allowsLiabilityOn
add label: "allows liability on"
add definition: "relates an entity to a party whose liability it constrains in some way"
add domain: fibo-be-le-lp:BusinessEntity
add range: fibo-fnd-pty-pty:IndependentParty
add ObjectProperty allowsLimitedLiabilityOn as a subPropertyOf allowsLiabilityOn
add label: "allows limited liability on"
add definition: "relates an entity to a party whose liability in the business 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 ObjectProperty allowsUnlimitedLiabilityOn as a subPropertyOf allowsLiabilityOn
add label: "allows unlimited liability on"
add definition: "relates an entity to a party in such a way that the assets of the business entity as well as the personal assets of the party (owner and investor) are fully liable for the debts and liabilities of the business entity"
add adaptedFrom: "http://www.investopedia.com/terms/u/unlimited-liability.asp"^^xsd:anyURI
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:fibo-be-le-lp:BusinessEntity
set range:fibo-fnd-pty-pty:IndependentParty
add disjoint relation with: allowsLimitedLiabilityOn

add ObjectProperty allowsUnlimitedLiabilityOnEntity as a subPropertyOf allowsUnlimitedLiabilityOn
add label: "allows unlimited liability on entity"
add definition: "relates an entity to itself in such a way that the assets of the business entity 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, partnerships, private limited companies, trusts and sole proprietorships, unlimited liability is assumed by the entity itself. The assets of the firm can be seized to satisfy debts.
set domain: BusinessEntity
set range: IndependentParty

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."

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."

B. Revise the CorporateBodies Ontology as follows:

add class Shareholder as subClassOf fibo-fnd-agr-ctr:TransferableContractHolder
add label "shareholder" to Shareholder
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"
add explanatoryNote: "It is legal for a company to have only one shareholder. Also called (in the US) stockholder."
add definitionOrigin: "http://www.businessdictionary.com/definition/shareholder.html"

add ProfitCorporationWithLimitedShareholderLiability as a subClassOf StockCorporation
add ProfitCorporationWithLimitedShareholderLiability as a subClassOf ForProfitCorporation
add label: "profit corporation with limited shareholder liability"
add restriction: fibo-be-le-lp:allowsLimitedLiabilityOn only (fibo-fnd-pty-rl:playsRole some fibo-be-le-cb: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."
Add Corporation subClassOf BusinessEntity
add restriction: fibo-be-le-lp:allowsUnlimitedLiabilityOnEntity only fibo-be-le-cb:Corporation .
add ProfitCorporationWithUnlimitedShareholderLiability as a subClassOf StockCorporation
add ProfitCorporationWithUnlimitedShareholderLiability as a subClassOf fibo-be-le-cb:ForProfitCorporation
add label: "profit corporation with unlimited shareholder liability"
add skos:definition: "a corporation with unlimited liability for the shareholders"
add restriction: fibo-be-le-lp:allowsUnlimitedLiabilityOn only (fibo-fnd-pty-rl:playsRole some fibo-be-le-cb:Shareholder)
add skos:definitionOrigin: http://www.businessdictionary.com/definition/joint-stock-company.html

C. Revise the Partnerships ontology as follows:

in Partnership add restriction: fibo-be-le-lp:allowsUnlimitedLiabilityOnEntity only fibo-be-ptr-ptr:Partnership

change name of NaturalPersonLimitedPartner 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 fibo-fnd-aap-ppl:LegallyCapablePerson

change name of CorporateLimitedPartner to JuridicalPersonLimitedPartner
change label to "juridical person limited partner"
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 fibo-be-le-lp:JuridicalPerson
make this disjoint with LegallyCapablePersonLimitedPartner

In 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
add fibo-fnd-utl-av:adaptedFrom http://legal-dictionary.thefreedictionary.com/general+partner
add 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)."
add GeneralPartner is disjoint with fibo-be-ptr-ptr:LimitedPartner
add UnlimitedLiabilityGeneralPartner as a new class that is a subClassOf GeneralPartner
add label "unlimited liability general partner"
add skos:definition: "a general partner that is jointly and severally liable with the other general partners for the liabilities incurred by that partnership"
add fibo-fnd-utl-av:explanatoryNote "This is the most common category of General Partner."
add restriction fibo-fnd-pty-rl:isPlayedBy some (fibo-fnd-law-lcap:hasCapacity only fibo-be-le-lp:UnlimitedLiability)

add LimitedLiabilityGeneralPartner as a subClassOf GeneralPartner
add label "limited liability general partner"
add restriction: fibo-fnd-pty-rl:isPlayedBy some (fibo-fnd-law-lcap:hasCapacity only fibo-be-le-lp:LimitedLiability)
add skos:definition: "a class of general partner who has limited liability per the terms of the limited liability limited partnership agreement"
add disjoint with UnlimitedLiabilityGeneralPartner
remove LegallyIncorporatedPartnership
add GeneralPartnership as a subClassOf PartnershipWithGeneralPartners
add label "general partnership"
add restriction: fibo-fnd-rel-rel:hasMember min 2 fibo-be-ptr-ptr: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
delete LegallyIncorporatedPartnershipMember.
add restriction to LimitedPartner fibo-fnd-pty-rl:isPlayedBy some (fibo-fnd-law-lcap:hasCapacity only fibo-be-le-lp:LimitedLiability)
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
Remove NonIncorporatedPartnership as it is covered by other concepts
on class Partnership add restriction: fibo-be-le-lp:allowsUnlimitedLiabilityOn some fibo-be-ptr-ptr:Partnership

change skos:definition to : "a business organization in which two or more individuals manage and operate the business"
add definitionOrigin: http://www.investopedia.com/terms/p/partnership.asp
delete class PartnershipIncorporatedByEquity
delete classPartnershipIncorporatedThroughAgreement

fibo-be-ptr-ptr:PartnershipWithGeneralPartners add restriction: fibo-be-le-lp:allowsUnlimitedLiabilityOn some (fibo-fnd-pty-rl:playsRole some fibo-be-ptr-ptr:GeneralPartner)
change restriction: hasMember min 2 GeneralPartner to hasMember min 1 GeneralPartner
change skos:definition: a partnership in 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."

Remove PartnershipWithCorporateLimitedPartners
Remove PartnershipWithGeneralAndLimitedPartners

change name of PartnershipWithOnlyLimitedPartners to LimitedLiabilityPartnership
remove subClassOf Corporation
change label to "limited liability partnership"
add restriction: hasMember only LimitedPartner
change skos:definition: "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."

change name of PartnershipWithGeneralPartnersWithLimitedLiability to PartnershipWithLimitedLiabilityGeneralPartners
change label to "partnership with limited liability general partners"
change subClassOf to Partnership
add restriction: fibo-fnd-rel-rel:hasMember some fibo-be-ptr-ptr:GeneralPartner
add restriction: fibo-be-le-lp:allowsLimitedLiabilityOn some (fibo-fnd-pty-rl:playsRole some fibo-be-ptr-ptr:GeneralPartner)
remove scopeNote (because the scope note pertained to a specific jurisdiction and also made a statement that was not meaningful)
PartnershipWithLimitedPartners add restriction: fibo-be-le-lp:allowsLimitedLiabilityOn some (fibo-fnd-pty-rl:playsRole some fibo-be-ptr-ptr:LimitedPartner)
delete editorialNote as it does not add meaningful value
Remove PartnershipWithNaturalPersonLimitedPartners

D Revise the Trusts ontology as follows:

On class Trust, add restriction: fibo-be-le-lp:allowsLimitedLiabilityOn only fibo-be-tr-tr:TrustBeneficiary
On class Trust, add restriction: fibo-be-le-lp:allowsUnlimitedLiabilityOnEntity only fibo-be-tr-tr:Trust

E Revise SoleProprietorships Ontology

On class SoleProprietorship

add restriction fibo-be-le-lp:allowsUnlimitedLiabilityOnEntity only fibo-be-sps-sps:SoleProprietorship

add restriction: fibo-be-le-lp:allowsUnlimitedLiabilityOn only (fibo-fnd-pty-rl:playsRole some fibo-fnd-oac-own:Owner)

F. In the module CorporateBodies

Add StatutoryCorporation as a subClassOf: Corporation and a subClassOf StatutoryBody. (needed by GovernmentEntities)
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"

G. In the module Corporations (needed by GovernmentEntities)

change name of class from PrivatelyHeldCompany to PrivatelyHeldCorporation
replace subClassOf StockCorporation with subClassOf ProfitCorporationWithLimitedShareholderLiability
change label to "privately held corporation"
change synonym to "privately held company"

change name of class from PubliclyHeldCompany to PubliclyHeldCorporation
replace subClassOf with ProfitCorporationWithLimitedShareholderLiability
change label to "publicly held corporation"
add synonym "publicly held company"
add owl:disjointWith PrivatelyHeldCorporation

H. In the module PrivateLimitedCompanies

for class PrivateCompanyWithLimitedLiability:
import OwnershipParties.rdf
add restriction: allowsLimitedLiabilityOn only (playsRole some EntityOwner)
add restriction: allowsUnlimitedLiabilityOnEntity only PrivateCompanyWithLimitedLiability

RESOLUTION F - Make corrections to incorrect restrictions that depended on 'holds an interest in' property (BE-113; FIBOBE-_21) (priority)

Summary: Multiple restrictions that used the property holdsAnInterestIn were identified to be incorrect, Many of the classes that these incorrect restrictions defined had nothing to do with ownership, but rather to control. The property holdsAnInterestIn is a subproperty of owns and therefore implies holds an ownership interest in. In other cases we can also remove the restriction containing holdsAnInterestIn when it is accompanied by a restriction that states there is some equity held, since equity already points back to the formal organization via the representsAnInterestIn relation. These changes will result in corrections and simplification.

A in module OwnershipParties

change name of property holdsAnInterestIn 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

Revise the definition of the holdsEquity property to remove the domain since this property inherits IndependentParty from owns as the default domain

Revise the name of the holdsEquity property to be holdsEquityIn

For ConstitutionalOwner change restriction from:

isPlayedBy some ((holdsAnOwnershipInterestIn only FormallyConstitutedOrganization) or (holdsEquity only StockholdersEquity))

To:

isPlayedBy some (holdsEquityIn only StockholdersEquity)

Combine the two skos:definitions such that the resulting definition states: "a party that holds an equity stake in some entity, in the form of stockholders' equity"
revise the rdfs:label from "constitutional owning party" to "constitutional owner"

For EntityOwner change restriction from:

isPlayedBy some

((holdsAnOwnershipInterestIn only FormallyConstitutedOrganization) or (holdsEquity only Equity))

To:

isPlayedBy some (holdsEquityIn only Equity)

revise the rdfs:label from "entity owning party" to "entity owner"

For InvestmentEquity change restriction from: isEquityHeldBy min 1 Investor to isEquityHeldBy some Investor

For Investor change restriction from:

isPlayedBy some

((holdsAnOwnershipInterestIn only FormallyConstitutedOrganization) or (holdsEquity only InvestmentEquity))

To:

isPlayedBy some (holdsEquityIn only InvestmentEquity)

For InvestorContract change restriction from: definesTermsFor min 1 InvestorContract to definesTermsFor some InvestorContract

Make miscellaneous punctuation changes to annotations to bring the VOM model and OWL in sync. This includes removing a duplicated skos:definition from ControllingEquity.

B In module ControlParties

For ControllingInterestParty change restriction from:

isPlayedBy some ((holdsSomeMeansOf only ControllingCapacity) or (holdsAnOwnershipInterestIn only ContractuallyConstitutedOrganization))

To:

isPlayedBy some (holdsSomeMeansOf only ControllingCapacity)

For DeFactoControllingInterestParty change restriction from:

isPlayedBy some
((holdsSomeMeansOf only DeFactoControl) or (holdsAnOwnershipInterestIn only FormallyConstitutedOrganization))

To:

isPlayedBy some (holdsSomeMeansOf only DeFactoControl)

For ControllingLeverageParty change restriction from:

isPlayedBy some
((holdsSomeMeansOf only InvestmentBasedDeFactoControl) or (holdsAnOwnershipInterestIn only FormallyConstitutedOrganization))

To:

isPlayedBy some (holdsSomeMeansOf only InvestmentBasedDeFactoControl)

For InfluenceBasedDeFactoControllingParty change restriction from:

isPlayedBy some ((holdsSomeMeansOf only InfluenceBasedDeFactoControl) or (holdsAnOwnershipInterestIn only ContractuallyConstitutedOrganization))

To:

isPlayedBy some (holdsSomeMeansOf only InfluenceBasedDeFactoControl)

For InvestmentBasedDeFactoControllingInterestParty change restriction from:

isPlayedBy some
((holdsSomeMeansOf only InvestmentBasedDeFactoControl) or (holdsAnOwnershipInterestIn only FormallyConstitutedOrganization))

To:

isPlayedBy some (holdsSomeMeansOf only InvestmentBasedDeFactoControl)

For DeJureControllingInterestParty change restriction from:

isPlayedBy some ((holdsSomeMeansOf only DeJureControllingInterest) or (holdsAnOwnershipInterestIn only ContractuallyConstitutedOrganization))

To:

isPlayedBy some (holdsSomeMeansOf only DeJureControllingInterest)

For ContractualControllingParty change restriction from:

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

To:

isPlayedBy some (holdsSomeMeansOf only ContractualControl)

For Receiver change restriction from:

isPlayedBy some ((holdsSomeMeansOf only CourtAppointedControl) or (holdsAnOwnershipInterestIn only ContractuallyConstitutedOrganization))

To:

isPlayedBy some (holdsSomeMeansOf only CourtAppointedControl)

For PartyHoldingSomeOptionForControl change restriction from:

isPlayedBy some ((holdsSomeMeansOf only DeJureControllingInterest) or (holdsAnOwnershipInterestIn only ContractuallyConstitutedOrganization))

To:

isPlayedBy some (holdsSomeMeansOf only DeJureControllingInterest)

C In module CorporateOwnership

For Shareholder change restriction from:

isPlayedBy some
((holdsAnOwnershipInterestIn only StockCorporation) or (holdsEquity only StockholdersEquity))

To:

isPlayedBy some (holdsEquityIn only StockholdersEquity)

D In module CorporateControl

Add an owl:imports and related namespace declarations for the Legal Persons ontology
For VotingShareholder change restriction from:

isPlayedBy some
((holdsSomeMeansOf only EquityBasedDeJureControl) or (holdsAnOwnershipInterestIn only StockCorporation))

To:

isPlayedBy some (holdsSomeMeansOf only EquityBasedDeJureControl)

For object property holdsControllingInterestIn should not be a subProperty of holdsAnOwnershipInterestIn since this is a property that relates to control via voting rights not ownership

move this property to be a subProperty of controls

rename this property to more appropriately be holdsSomeControllingVotingRightsIn

change property label to: "holds some controlling voting rights in"

change definition to "relates a legal person to a company in which that party holds some controlling voting rights"

change domain from VotingShareholder, which is a relative thing, to LegalPerson

For object property holdsSignificantControllingInterestIn

rename this property to be holdsSignificantControllingVotingRightsIn

change property label to: "holds significant controlling voting rights in"

change definition to: "relates a legal person to a company in which the party holds a significant proportion of the controlling voting rights"

change domain from VotingShareholder, which is a relative thing, to LegalPerson

For object property holdsMajorityControllingInterestIn

rename this property to be holdsMajorityControllingVotingRightsIn

make this property a subProperty of holdsSignificantControllingInterestIn

change property label to: "holds majority controlling voting rights in"

change definition to: "relates a legal person to a company in which the party holds fifty percent or more of the controlling voting rights"

change domain from VotingShareholder, which is a relative thing, to LegalPerson

E. in module Partnerships

For object property holdsPartnershipEquity

change name to holdsPartnerhsipEquityIn

change label to "holds partnership equity in"

remove the domain Partner which is a relative thing and instead allow it to inherit IndependentParty as the domain of owns

Resolution G (Defer)

Move SupraNationalEntity from LEIEntities to LegalPersons

LEIEntities (33)

LegalPersons (4)

Resolution H (Defer)

Remove jurisdiction-specific distinctions from Corporate Forms

CorporateBodies.rdf (54) (58) (59)

Partnership.rdf (86) (87)

Resolution I (Maybe)

Rename FormallyConsitutedOrganization to ContractuallyConstitutedOrganization

Resolution J - Introduce Sole Proprietorships (Yes – BE-64; BE-29; FIBOBE-_16)

Description: Create Sole Proprietorships directory and file

Rationale: Sole proprietorships are a significant business entity that financial institutions must understand in order to on-board and process.

Resolution:

A. Create a new Module SoleProprietorships

B. In the module SoleProprietorships: Add an ontology called SoleProprietorships.rdf

C. In the ontology SoleProprietorships.rdf:

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 contentLanguage: "http://www.w3.org/standards/techs/owl#w3c_all"
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 seeAlso: <http://spec.edmcouncil.org/fibo/AboutTheEDMC-FIBOFamily/>
add license: "http://www.omg.org/techprocess/ab/SpecificationMetadata/MITLicense"^^anyURI
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/

D. Add class SoleProprietorship

add class SoleProprietorship as a subClassOf: fibo-be-le-lp:BusinessEntity, fibo-fnd-org-fm:FormalOrganization
add label: "sole proprietorship"
add skos:definition: "an unincorporated business owned by a single person"
add adaptedFrom: "Barron's Dictionary of Business and Economics Terms, Fifth Edition, 2012"
add restriction: hasCapacity someValuesFrom LiabilityCapacity
add restriction: isOwnedAndControlledBy exactly 1 LegallyCapablePerson

E. Add class SoleProprietor

add class SoleProprietor as a subClassOf fibo-fnd-oac-own: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 synonym: "sole trader"
add restriction: hasIdentity exactly 1 LegallyCapablePerson
add restriction: isPlayedBy some (ownsAndControls someValuesFrom SoleProprietorship)

F; In the module SoleProprietorships: Add an ontology called AboutSoleProprietorships.rdf

G. In the ontology AboutSoleProprietorships.rdf:

add imports to http://spec.edmcouncil.org/fibo/FND/Utilities/AnnotationVocabulary/, http://spec.edmcouncil.org/fibo/FND/Relations/Relations/, http://spec.edmcouncil.org/fibo/BE/AboutBE/
add rdfs:label "About the EDMC-FIBO Business Entities (BE) Sole Proprietorships Module"
add sm:copyright "Copyright (c) 2016 EDM Council, Inc. Copyright (c) 2016 Object Management Group, Inc."^^xsd:string
add dct:license sm:MITLicense
add sm:filename "AboutSoleProprietorships.rdf"^^xsd:string
add sm:fileAbbreviation "fibo-be-sps-mod"^^xsd:string
add owl:versionIRI <http://spec.edmcouncil.org/fibo/BE/20150501/SoleProprietorships/AboutSoleProprietorships/>
add sm:publicationDate "2016-02-15T18:00:00"^^xsd:dateTime
add sm:contentLanguage "http://www.w3.org/standards/techs/owl#w3c_all"^^anyURI
add sm:contentLanguage "http://www.omg.org/spec/ODM/"^^anyURI

H. Create fibo-be-sps-mod:SoleProprietorshipsModule type sm:Module

add rdfs:label "FIBO BE Sole Proprietorships Module"
add skos:definition "individual representing metadata about the FIBO BE sole proprietorships module"^^xsd:string
add sm:moduleName "Sole Proprietorships"^^xsd:string
add sm:moduleAbbreviation "fibo-be-sps"^^xsd:string
add sm:moduleVersion "1.0"^^xsd:string
add sm:moduleAbstract "This module includes ontologies describing business entities or financial ventures that are carried out by a single person who is directly responsible for all liabilities of that venture."^^xsd:string
add fibo-fnd-rel-rel:isPartOf fibo-be:BESpecification
add fibo-fnd-utl-av:usageNote "Users should be aware that the BE Functional Entities ontologies depend on a number of the ontologies specified in the EDMC-FIBO Foundations (FND) specification. Individual ontologies in this module import only those FIBO FND ontologies they use directly, however."^^xsd:string
add rdfs:seeAlso <http://www.edmcouncil.org/>
add rdfs:seeAlso <http://www.omg.org/spec/EDMC-FIBO/AboutTheEDMC-FIBOFamily/>
add rdfs:seeAlso <http://www.omg.org/spec/EDMC-FIBO/BE/AboutBE/>

In ontology AboutBE-1.0

Add owl:imports SoleProprietoryships

Resolution K - Introduce Government Entities (Yes/Discretionary)

Description: Create Government Entities directory and file

Rationale: Government Entities are needed as they can be on boarded as customers for financial institutions as well as can participate in financial transactions. 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.

Resolution:

A. Create a new module GovernmentEntities

B. In the module GovernmentEntities: Add an ontology called GovernmentEntities.rdf

C. In the ontology GovernmentEntities.rdf:

add OntologyIRI: "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/>
create filename: "GovernmentEntities.rdf"
add fileAbstract: "This ontology defines the fundamental concepts for representing government entities -- i.e. an agency, instrumentality, or other entity of Federal, State, or local government (including multijurisdictional agencies, instrumentalities, and entities). "
add seeAlso: <http://spec.edmcouncil.org/fibo/BE/AboutBE/>
add contentLanguage: http://www.omg.org/spec/ODM/
add contentLanguage: "http://www.w3.org/standards/techs/owl#w3c_all"
add label: "government entities ontology"
add changeNote: "The http://spec.edmcouncil.org/fibo/BE/20160201/GovernmentEntities/GovernmentEntities.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-ge-ge"
add seeAlso: <http://spec.edmcouncil.org/fibo/AboutTheEDMC-FIBOFamily/>
add license: "http://www.omg.org/techprocess/ab/SpecificationMetadata/MITLicense"^^anyURI

create equivalent class relation between fibo-fnd-plc-loc:Location and lcc-cr:Location
create equivalent class relation between fibo-fnd-plc-cty:GeopoliticalEntity and lcc-cr:GeopoliticalEntity
create equivalent class relation between fibo-fnd-plc-cty:Country and lcc-cr:Country

add fibo-be-ge-ge:TribalArea as a subClassOf lcc-cr:CountrySubdivision
add label: "tribal area"
add adaptedFrom https://en.wikipedia.org/wiki/Indian_reservation
add definition: "designation of land reserved and managed for a tribe"

add GovernmentalEntity as a subClassOf JuridicalPerson
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

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)

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)

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))

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

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

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

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

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

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

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

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

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

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

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

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

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)

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

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

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

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."

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)

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."

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."

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

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

add GovernmentInstrumentalityAsPrivateCorporation as a subClassOf GovernmentInstrumentality and PrivatelyHeldCorporation
add label: "government instrumentality as private corporation"
add skos:definition: "an instrumentality that is a private corporation."
add adaptedFrom: http://www.investopedia.com/terms/i/instrumentality.asp

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

add Polity as a subClassOf JuridicalPerson
add label: "polity"
add skos:definition: "the legal person referring to 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

add RegionalEntity as a subClassOf Polity
add label: "regional entity"
add skos:definition: "the legal person 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

add SovereignState as a subClassOf Polity
add label: "sovereign state"
add skos:definition: "a legal person 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

add Federation as 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)

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

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

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

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

add class SupranationalEntity as a subClassOf Polity
add label: "supranational entity"
add skos:definition: "a type of multinational political union where negotiated power is delegated to an authority by governments of member states"
add adaptedFrom: "Kiljunen, Kimmo (2004). The European Constitution in the Making. Centre for European Policy Studies. pp. 21–26. ISBN 978-92-9079-493-6"
add explanatoryNote: "A supranational union is a supranational polity which lies somewhere between a confederation that is an association of States and a federation that is a state. Unlike states in a federal super-state, member states retain ultimate sovereignty, although some sovereignty is shared with, or ceded to, the supranational body."
add restriction: hasSharedSovereigntyOver min 2 Country
add restriction: isRepresentedBy some GovernmentalEntity

D. In module LEIEntities

remove Sovereign (this will be replaced by Polity in GovernmentEntities)

remove MuncipalEntity (this will be replaced by MunicipalEntity in GovernmentEntities)

remove SuparanationalEntity (this will be replaced by SupranationalEntity in GovernmentEntities)

E AboutBE-1.0 Add import

add following ontology imports:
http://www.omg.org/spec/LCC/Countries/CountryRepresentation/
http://www.omg.org/spec/EDMC-FIBO/BE/GovernmentEntities/GovernmentEntities/

Resolution L - Introduce Private Limited Companies (Yes; FIBOBE-_19)

Description: Create Private Limited Companies directory and file

Rationale: A private limited company is an important legal form that must be included in FIBO Business Entities. This legal form will also describe limited liability companies which are highly pervasive across the United States and must be identified for multiple bank use cases from onboarding commercial customers, understanding counter parties, and KYC in general.

Resolution:

A. Create a new Module PrivateLimitedCompanies

B. In the module PrivateLimitedCompanies: Add an ontology called PrivateLimitedCompanies.rdf

C. In the ontology PrivateLimitedCompanies.rdf:

add OntologyIRI: "http://spec.edmcouncil.org/fibo/BE/PrivateLimitedCompanies/PrivateLimitedCompanies/"
add Ontology Version IRI: "http://spec.edmcouncil.org/fibo/BE/20160201/PrivateLimitedCompanies/PrivateLimitedCompanies/"
add dependsOn: <http://spec.edmcouncil.org/fibo/BE/LegalEntities/LegalPersons/>
create filename: "PrivateLimitedCompanies.rdf"
add seeAlso: <http://spec.edmcouncil.org/fibo/BE/AboutBE/>
add contentLanguage: http://www.omg.org/spec/ODM/
add contentLanguage: "http://www.w3.org/standards/techs/owl#w3c_all"
add label: "Private Limited Companies Ontology"
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 dependsOn: http://spec.edmcouncil.org/fibo/FND/
add fileAbbreviation: "fibo-be-plc-plc"
add seeAlso: <http://spec.edmcouncil.org/fibo/AboutTheEDMC-FIBOFamily/>
add license: "http://www.omg.org/techprocess/ab/SpecificationMetadata/MITLicense"^^anyURI
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/FND/Utilities/AnnotationVocabulary/

add fileAbstract: "This ontology defines the fundamental concepts for representing private limited companies -- i.e., a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are)."

D. Add class PrivateCompanyWithLimitedLiability

add class PrivateCompanyWithLimitedLiability as a subClassOf: fibo-be-le-lp:BusinessEntity, fibo-fnd-org-fm:FormalOrganization, fibo-be-le-lp:JuridicalPerson

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"^^anyURI

F; In the module PrivateLimitedCompanies: Add an ontology called AboutPrivateLimitedCompanies.rdf

G. In the ontology AboutPrivateLimitedCompanies.rdf:

add imports to http://spec.edmcouncil.org/fibo/FND/Utilities/AnnotationVocabulary/, http://spec.edmcouncil.org/fibo/FND/Relations/Relations/, http://spec.edmcouncil.org/fibo/BE/AboutBE/
add rdfs:label "About the EDMC-FIBO Business Entities (BE) Private limited companies Module"
add sm:copyright "Copyright (c) 2016 EDM Council, Inc. Copyright (c) 2016 Object Management Group, Inc."^^xsd:string
add dct:license sm:MITLicense
add sm:filename "AboutPrivateLimitedCompanies.rdf"^^xsd:string
add sm:fileAbbreviation "fibo-be-plc-mod"^^xsd:string
add owl:versionIRI <http://spec.edmcouncil.org/fibo/BE/20150501/PrivateLimitedCompanies/AboutPrivateLimitedCompanies/>
add sm:publicationDate "2016-02-15T18:00:00"^^xsd:dateTime
add sm:contentLanguage "http://www.w3.org/standards/techs/owl#w3c_all"^^anyURI
add sm:contentLanguage "http://www.omg.org/spec/ODM/"^^anyURI

H. Create fibo-be-plc-mod:PrivateLimitedCompaniesModule type sm:Module

add rdfs:label "FIBO BE private limited companies module"
add skos:definition "individual representing metadata about the FIBO BE private limited companies module"^^xsd:string
add sm:moduleName "Private limited companies"^^xsd:string
add sm:moduleAbbreviation "fibo-be-plc"^^xsd:string
add sm:moduleVersion "1.0"^^xsd:string
add sm:moduleAbstract "This module includes ontologies describing business entities representing private limited companies -- i.e., a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship."^^xsd:string
add fibo-fnd-rel-rel:isPartOf fibo-be:BESpecification
add fibo-fnd-utl-av:usageNote "Users should be aware that the BE Functional Entities ontologies depend on a number of the ontologies specified in the EDMC-FIBO Foundations (FND) specification. Individual ontologies in this module import only those FIBO FND ontologies they use directly, however."^^xsd:string
add rdfs:seeAlso <http://www.edmcouncil.org/>
add rdfs:seeAlso <http://www.omg.org/spec/EDMC-FIBO/AboutTheEDMC-FIBOFamily/>
add rdfs:seeAlso <http://www.omg.org/spec/EDMC-FIBO/BE/AboutBE/>

I. In ontology AboutBE-1.0

Add owl:imports PrivateLimitedCompanies

Resolution M - Deprecate Affiliate (Discretionary)

Description: Remove affiliate

Rationale: In current release the restrictions defining affiliate are too limiting and require further analysis. Also affiliate is often defined differently according to different regulations. Our recommendation is to remove the class Affiliate from this release and further develop the concept in a future release that will support regulatory plugins e.g. RegulationW, et.al. However we can add the object property isAffiliateOf which can describe an assertion that an IndependentParty is an affiliate of another IndependentParty. This is a much more generic view of the affiliate relationship.

Resolution:

A. In module CorporateControl

remove Class Affiliate
remove object property hasAffiliate so that it can instead be replaced by a more symmetrically named property as well as a broader domain than StockCorporation

B. In module ControlParties

add object property isAffiliateOf
add label: "is affiliate of"
add skos:definition: "relates an independent party to another independent party such that one party directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control by the other party"
add adaptedFrom: http://www.businessdictionary.com/definition/affiliate.html
add editorialNote: "This definition will expand and become more precise in FIBO regulatory plugins that can more specifically define the relation in terms of the specific language and intent of the regulation, e.g. RegulationW."
set property domain to be IndependentParty
set property range to be IndependentParty
set property characteristic to be symmetric

Resolution N - Remove certain restrictions in Stock Corporation (Discretionary)

Description: Remove certain restrictions in Stock Corporation

Rationale: There are several restrictions associated with a StockCorporation that are descriptive but may not be necessary. We want to reevaluate these restrictions. Our recommendation is to remove the below listed restrictions for this release. A subsequent release will refocus on ownership and control relations and may recommend new restrictions at that time.

Resolution:

A. In module CorporateControl

for class StockCorporation:
remove restriction hasControllingInterestParty min 0 VotingShareholder
remove restriction hasMajorityControllingInterestParty min 0 OverFiftyPercentControllingInterestCompany
remove restriction hasSignificantControllingInterestParty min 0 SignificantShareholdingCompany
remove restriction isWhollyOwnedBy min 0 TotalControllingInterestCompany

Resolution O - Replace Natural Person with LegallyCapablePerson (Mandatory)

Also, implement Row 2 from the Actions

Dean

Resolution P - Create LEIEligibleEntity and LEIRegisteredEntity (Mandatory)

LEIEligibleEntity becomes a subClass of AutonomousAgent and isIdentifiedBy exactly 1 LegalEntityIdentifier

Fill in all metadata from line 30 on LEIEligibleEntity

Move LEICapableEntity to the LEIEntities module (and namespace)

Remove ContractrallyCapableEntity entirely

Remove (Deprecate) LegalEntity

Dean

Resolution Q - Realign hasObjective to hasGoal for BusinessEntities (Highly Discretionary)

Resolution R - Change FormallyConstituedOrganization to ContractuallyConstitutedOrganization (Discretionary) Dean

Resolution S - Introduce Jurisdictional Plugins to Define Unique Jurisdictions for Specific Legal Forms in US and UK (Mandatory) David

Resolution T - Introduce Business Entity to Group Legal Forms that are Companies

Resolution U - Expand Trusts and Provide Restrictions David

Resolution X - Deprecate OrganizationIndustrySectorClassification

Resolution Y - Introduce additional capacities to Legal Person for greater clarity and completeness of concept

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

BE 1.2?

Resolution V - Refactor and Correct Elements in Ownership and Control Modules Dean/David

Resolution W - Improve Ownership and Control Relations / Construct/Resolve Mediating Patterns?