This would be the same as distinguishing between legal and equitable ownership.

An equitable owner here is anyone who has a "beneficial interest" in a business.
For example it might arguably include a business that legally belongs to "the
Shareholder's" spouse.

John
http://lawtalk.org.uk/

--- In euleta@yahoogroups.com, "alisonwiebalck" <alisonwiebalck@...> wrote:
>
> Dear All
>
> Could someone please be so kind as to explain to me what "of record or
benefit" means? It appears in Unit 5 on p. 67 of the ILEC course book para. 1
line 2 of the Covenant not to Compete.
>
> Most grateful!
>
> Alison
>