llcs-corporations-partnerships

(Wex page)
Definition

The partial or full removal of an asset or investment from a business' books. Businesses can divest through sale, closure or bankruptcy. May also refer to a change in corporate strategy or a withdrawal from certain investment goals.

...

(Wex page)
Definition

A U.S. corporation that does business in the state in which it is incorporated. Compare to a Foreign Corporation.

(Wex page)
Definition

Refers to the imposition of taxes on the same income, assets or financial transaction at two different points of time. A common example is the taxing of shareholder dividends after taxation as corporate earnings. Another common example is...

(Wex page)
Definition

(1) The withdrawal of money from a bank account, such as through presenting a check.

(2) To receive money in advance, such as a draw on a loan.

(3) To draft a legal document, such as a deed or will.

See alsoDraftCheck

(Wex page)
Definition

The duty of care stands for the principle that directors and officers of a corporation in making all decisions in their capacities as corporate fiduciaries, must act in the same manner as a reasonably prudent person in their position would....

(Wex page)
Definition

The duty of good faith stands for the principle that directors and officers of a corporation in making all decisions in their capacities as corporate fiduciaries, must act with a conscious regard for their responsibilities as fiduciaries. A...

(Wex page)
Definition

The duty of loyalty stands for the principle that directors and officers of a corporation in making all decisions in their capacities as corporate fiduciaries, must act without personal economic conflict. The duty of loyalty can be breached...

(Wex page)
Definition

A person or organization possessing separate and distinct legal rights, such as an individual, partnership, or corporation. An entity can, among other things, own property, engage in business, enter into contracts, pay taxes, sue and be sued...

(Wex page)
Definition

See Beneficial ownership

(Wex page)
Definition

Family limited partnerships (known as "FLP"s) are a type of partnership, where family assets are pooled into a family owned business of which family members own shares. FLPs allow for shares to be gifted to family members through the...

Pages