An operating agreement is the governing contract adopted by members of a Limited Liability Company (LLC). It lays out the business's course and helps operations and management become more organized. It can be used to regulate nearly all...
business organizations
par
Par, also referred to as par value or nominal value, is the face value of a bond or the stock value stated in the corporate charter and noted in the stock certificate. Each share of stock receives a par value, representing the amount of...
participate
Participate, in the legal context, means to take part in something of legal consequence such as claims, business dealings, and class actions. Participation can be used without an inherent special legal meaning, such as participating in a...
partner
In general, a partner is a co-owner or investor in a business, called a partnership, who shares profits from that partnership with at least one other person and is involved with its operations. Partners are agents of the partnership and may...
partnership
According to New York Partnership Law, a partnership is a voluntary, contractual association between two or more parties to carry out business for-profit as co-owners. Partnerships are composed of partners, who are agents of the partnership...
pass-through taxation
Pass-through taxation refers to businesses that do not pay taxes on the entity level. Instead, the income passes to the owners of the business who pays personal income taxes for their share of the business. Pass-through taxation typically...
perfect
Perfect in law often means to complete all the steps necessary to have a clear right or interest in something. Most commonly, perfect refers to the process of publicly establishing a security interest in collateral for purposes of gaining...
periodic reports
Periodic reports are documents that public companies must continuously file with the Securities and Exchange Commission (SEC) which disclose material updates on the company’s business operations. There are three ways a company can have a...
poison pill
A poison pill is a corporation’s defensive strategy used against a hostile takeover. When a hostile takeover tries to merge a target company by buying its stocks publicly or privately, the target company could issue preferred stocks that will...
preferred dividend
Preferred dividend is the dividend payment made to the holders of preferred stock. As a rule, preferred dividends are paid out to shareholders before common stock dividends are issued. Further, in insolvency proceedings, the claims with...