business organizations

book value

Definition from Nolo’s Plain-English Law DictionaryA method of valuing a corporation's stock or a company's worth by adding up the stated value of assets as shown on the books (records) of the company and deducting all the liabilities (debts) of the...


A person who records the daily financial transactions of a business or organization, such as sales, purchases, receipts and payments. The bookkeeper also prepares financial statements, such as the trial balance, which are then used by accountants to...

bulk sale

A sale of all or substantially all of a business' inventory or stock and/or equipment, outside of the ordinary course of business.

Bulk sales law


State law that applies when a a business is selling all or most of its assets outside of the ordinary course of business which imposes certain requirements on the seller in order to protect the business' creditors. Bulk sales laws have...

bulk transfer

Also known as a "bulk sale", it is the transfer or sale of all or substantially all of a business' inventory and equipment, not in the ordinary course of business.


Definition from Nolo’s Plain-English Law DictionaryAny activity carried on with the intent to make a profit or any enterprise engaged in such activity. A business does not have to have a formal organization; it can be a corporation, partnership, sole...

Business expense


Operating costs of a business, which are tax deductible. To qualify as a business expense, the cost must be ordinary, accepted and common in that business' trade and necessary, appropriate and useful in operating the business.


Buy-sell agreement


A binding agreement used by sole proprietorships, partnerships and close corporations that governs what happens to an individual's ownership interest when that individual withdraws from the business, dies or becomes disabled. Also known as a...



A corporation's repurchase of its own outstanding stock. May be done to repel a hostile takeover attempt or as a means to increase earnings by eliminating the number of outstanding shares.

See alsoGreenmail



The rules adopted by an organization to govern its internal operations and external dealings. Bylaws are most commonly associated with corporations.