Legal Dictionary of Pakistan

Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.

Individual

adj. 1. Existing as an indivisible entity. 2. Of or relating to a single person or thing, as opposed to a group.

Individual asset

(usu. Pl.) Property belonging to a member of a partnership as personal property, apart from the firm's property.

individual account plan

See defined-contribution plan.

individual debt

Debt personally owed by a partner, rather than by the partnership.

individual liberty

See personal liberty.

individual property.

See SEPARATE PROPERTY (I).

individual proprietorship

See SOLE PROPRI. ETORSHIP.

individual retirement account.

A savings or brokerage account to which a person may contribute up to a specified amount of earned income each year ($2,000 under current law). The contributions, along with any interest earned in the account, are not taxed until the money is withdrawn after a participant reaches 59'k (or before then, if a 10% penalty is paid). - Abbr. IRA.