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Disregarding the presence of any parenthetical modifier, adverbs ending in ‘ly’ always modify the word immediately following them. Thus, they do not require a hyphen to indicate which word they modify. This is true in both British and American English. Accordingly, for example, “wholly owned subsidiary,” does not, and should not, employ a hyphen.

wholly owned subsidiary: a subsidiary company that is owned entirely (100%) by its parent company. “Fasty Limited, a company incorporated in England, is a wholly owned subsidiary of Fasty Inc., a company incorporated in the United States.

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  1. Elaboration on the how and to what extent actions of the wholly owned subsidery will affect the parent company in matters of legal nature (other than business contracts) may please be included (in brief) if space permits.

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