business organizations

Fiduciary Duty

Overview

When someone has a fiduciary duty to someone else, the person with the duty must act in a way that will benefit someone else, usually financially.

The person who has a fiduciary duty is called the fiduciary, and the person to whom...

Fiduciary Relationship

Definition from Nolo’s Plain-English Law DictionaryA relationship in which an individual places complete confidence, trust, and reliance in someone who has a fiduciary duty to act for the individual's benefit. A fiduciary relationship need not be formally...

Fiscal Sponsor

Definition from Nolo’s Plain-English Law Dictionary

A nonprofit, tax-exempt, 501(c)(3) organization that acts as a guardian of grants and donations for a fledgling group or project that hasn't yet applied for or received 501(c)(3) status.

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Fiscal Year Accounting Period

The 12-month period over which a company reports its spending and income. It is measured by the first day of the month through the last day of the twelfth month.

Foreign Corporation

Definition

A corporation that does business in a state but is incorporated in a different state or a foreign country. A foreign corporations must file a notice of doing business in any state in which it does substantial business.

Compare to a...

Foreign Corrupt Practices Act (FCPA)

Federal legislation with two main provisions- one addressing accounting transparency requirements under the Securities Exchange Act of 1934 and the other concerned with bribery of foreign officials.

Foreign Direct Investment

Foreign Direct Investment: An Overview

The International Monetary Fund (“IMF”) defines foreign direct investment (“FDI”) as a “cross-border investment” in which an investor that is “resident in one economy [has] control or a...

Franchise

Definition

1. A relationship wherein a business organization, called a franchiser, in exchange for a fee and with the franchisor's guidance, allows another business, called the franchisee, to operate under the franchiser's trade name and offer the...

Franchise Agreement

Definition from Nolo’s Plain-English Law DictionaryThe contract that establishes the terms of a franchise relationship.

Definition provided by Nolo’s Plain-English Law Dictionary.

Franchise Tax

A state law levied on businesses or corporations chartered within that state. The tax is typically based on the net worth of the taxpaying entity, rather than on income.

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