Legal Terminology and Law Definition of Business Law

corporate opportunity
Corporate opportunity is the legal concept that prevents directors and officers of a corporation from appropriating certain business opportunities for their personal gain. As an employee, directors and officers of a corporation owe a fiduciary duty to the company (perhaps the highest level of duty imposed by law), the fiduciary can not take for him/her a … Full Definition »
Law topic: Commercial << Legal issue: Business Law
financial institution
'Financial institution' is an organization that provides money-related services to individuals and corporations. Financial institution is a bank, trust company, national banking association, savings bank, industrial bank, private banker, foreign banking corporation, federal savings and loan association, a savings institution chartered and supervised as … Full Definition »
Law topic: Banking Law << 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
General Partnership
A California General Partnership must have two or more persons engaged in a business for profit. Except as otherwise provided by law, all partners are liable jointly and severally for all obligations of the partnership unless agreed by the claimant. Profits are taxed as personal income for the partners. To register a GP at the state level, a Statement of … Full Definition »
Law topic: Business Formation << 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
partnership
General partnerships are governed primarily by a Uniform Partnership Act (UPA). However, the Uniform Partnership Act (UPA) was adopted in nearly 40 US jurisdictions. … Full Definition »
Law topic: Business Law << Legal issue: Business Law
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alter ego
under this legal doctrine a corporation uses its corporate status to shield someone’s personal business deals. Normally, a corporation is treated as an entity separate from its creators and the shareholders are not personally liable for corporate obligations. But in some rare instances, a court will “pierce the corporate veil” and hold a shareholder liable … Full Definition »
Diane V GriffithAttorney at LawPRACTICE AREA: Family Law, Elder Law, Landlord & Tenant Law, Criminal Defense, Wills & Probate, Constitutional Law & Civil Rights, Consumer Protection, Sports Law, Animal Law
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