business organizations

Marginal Tax Rate

Marginal tax rate is a percentage of tax that a person incurs on the next dollar of income, as opposed to flat taxes that charge the same rate regardless of one’s income. A system that uses marginal tax rate requires a taxpayer with a higher income to...

Massachusetts Trust

A business arrangement in which the investor serves as the "grantor" of the trust, and gives management authority to a trustee. The investor / grantor's liability is limited to their investment (the trust property), thus this is a similar arrangement...

Master Trust

A master trust is an investment vehicle that pools assets for collective control and management. Similar to a pooled trust, the master trust refers to the central fund where assets are managed in a hub and spoke structure. For example, an employer can...

Member

Definition

The equivalent of a shareholder in a limited liability company (LLC). Also, any person on the rolls of an organization with rights and responsibilities.

See alsoLimited liability company (LLC)Shareholder

Minutes

Definition

Permanent and formal records of business conducted and resolutions adopted at a meeting of the board of directors or shareholders. Once accepted at the next meeting, the minutes become an official representation of the previous meeting and...

Money Laundering

money laundering: an overview

Money laundering refers to a financial transaction scheme that aims to conceal the identity, source, and destination of illicitly-obtained money. The money laundering process can be broken down into three stages. First, the...

Monopoly

A type of commercial advantage enjoyed by one business entity that lets it determine to a significant extent the terms on which products or services may be obtained in a given region. For example, a monopoly would exist if a single supplier of...

Non-profit organizations

Overview

A non-profit organization is a group organized for purposes other than generating profit and in which no part of the organization's income is distributed to its members, directors, or officers. Non-profit corporations are often termed "non-...

nonprofit corporation

A nonprofit corporation is a legal entity that has been incorporated under state laws to operate for purposes other than making profits. The laws that govern the incorporation and operation of nonprofit corporations vary by state. A number of states...

Officer

Definition

Officers are responsible for carrying out a company's day to day business operations. In a corporation, the officers are hired and fired by the board of directors, may bind the company to contracts as the corporation's agent, and are subject...

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