Félag

Félag is an Icelandic word that translates to "company," "association," or "society." It is a versatile term used in various contexts within Icelandic society. In business, félag refers to a company, such as a limited liability company (e.g., ehf. - einkahlutafélag) or a public limited company (e.g. hf. - hlutafélag). These entities are established for the purpose of conducting commercial activities and generating profit. The structure and regulations governing different types of félag are defined by Icelandic law.

Beyond the corporate world, félag can also denote a non-profit organization, club, or association. These types of félag are typically formed by individuals who share a common interest, hobby, or goal. Examples include sports clubs, cultural societies, or professional organizations. Membership in these associations often involves paying dues and participating in group activities. The term emphasizes a sense of community and collective action among its members. Understanding the context in which "félag" is used is key to accurately interpreting its meaning in Icelandic.