Common law: Judge-made law which has developed over centuries, also referred to as “unwritten” law. Common law (as practised in Ireland, England and the USA) is often contrasted with civil law systems (such as in France or Germany) where laws are set down in a written code.

Company: Legal entity which permits a group of shareholders to create an organization to pursue set objectives. A company may have legal rights which are usually reserved for individuals, such as the power to sue and be sued, own property, hire employees or lend and borrow money. The main advantage of a company structure is that it gives shareholders a right to participate in profits (through dividends) without any personal liability.