Legal Word of the Day
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independent contractor
n. a person or business which performs services for another person or entity under a contract between them, for a compensation. An independent contractor is distinguished from an employee, who works regularly for an employer. The exact nature of the independent contractor's relationship with the party hiring him/her/it has become vital since an independent … Full Definition »

Corporate Finance & Taxation Legal Terms and Legal Words. Business Law Terminology

ab extra
Literal translation: from outside Definition and use: concerning a case, a person may have received some funding from a 3rd party. This funding may have been considered ab extra. … Full Definition »
Law topic: Corporate Finance & Taxation << Legal issue: Business Law
audit
for business purposes, a financial examination of a company, government agency, nonprofit organization, or enterprise. It is performed by financial professionals (accountants, auditors) that review financial systems and financial records of a company or a business to give an opinion whether the company’s financial statements fairly represent the … Full Definition »
Law topic: Corporate Finance & Taxation << Legal issue: Business Law
auditor
is an accountant, usually CPA, that conducts examination of the company’s financial records to give an opinion on whether the company’s financial statements fairly represent the organization's performance. Auditors might be either internal or external. … Full Definition »
Law topic: Corporate Finance & Taxation << Legal issue: Business Law
consignee
1) The individual or organization to which the goods are shipped. Freight is shipped by the consignor to the consignee. 2) Party who is to receive the good; usually the buyer … Full Definition »
Law topic: Corporate Finance & Taxation << Legal issue: Business Law
consignment
Consignment is the act of consigning, which is placing a person or thing in the hand of another, but retaining ownership until the goods are sold or person is transferred. This may be done for shipping, transfer of prisoners, or for sale in a store (i.e. a consignment shop) … Full Definition »
Law topic: Corporate Finance & Taxation << Legal issue: Business Law
consortium
An association or combination of businesses, financial institutions, or investors, for the purpose of engaging in a joint venture. … Full Definition »
Law topic: Corporate Finance & Taxation << Legal issue: Business Law
franchise
is a business method where independent owners buy and operate someone else’s well known business under license agreement to distribute goods or services. A franchisee must continue his business according to the established standards and practices of the franchisor. A franchisee pays the proprietary owner an initial fee and royalties for use of the … Full Definition »
Law topic: Corporate Finance & Taxation << Legal issue: Business Law
franchise tax
a tax that is imposed by states on corporations; it depends both on the net worth of the corporation and on its net income attributable to activities within the state. … Full Definition »
Law topic: Corporate Finance & Taxation << Legal issue: Business Law
incorporate
to form a business entity. There are several ways to form your business: a Business Corporation, Limited Liability Company, a General Partnership, a Limited Partnership, a Sole Proprietorship. All of these business formations have their advantages and disadvantages. In a Business Corporation, personal liability is limited for shareholders; the life-span … Full Definition »
Law topic: Corporate Finance & Taxation << Legal issue: Business Law
independent contractor
n. a person or business which performs services for another person or entity under a contract between them, for a compensation. An independent contractor is distinguished from an employee, who works regularly for an employer. The exact nature of the independent contractor's relationship with the party hiring him/her/it has become vital since an independent … Full Definition »
Law topic: Corporate Finance & Taxation << Legal issue: Business Law
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Intellectual Property: The Law of Trademarks, Copyrights, Patents, and Trade SecretsIntellectual Property: The Law of Trademarks, Copyrights, Patents, and Trade Secrets
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Champaign/Urbana News-GazetteDelivering lectures on taxes others should pay isn't nearly as effective as revising the tax code. Illinois' Democratic U.S. Sen. Richard Durbin is running for re-election and that explains, at least in part, why he recently chastised Chicago-area ... more »
The LawyerWhen she found herself off work with back problems Simmons & Simmons associate Karen Kerrigan hatched a plan: she would leave the law and set up a community forum for people experiencing the same kind of pain as her. Although she ultimately ... more »
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