commercial activities

bookkeeper

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...

boot

Definition from Nolo’s Plain-English Law DictionaryIn a 1031 exchange, any property, liabilities, or money received that does not qualify for the exchange and is taxed. For example, if a taxpayer sells a relinquished property with a $100,000 gain and buys...

broker

A person or entity that arranges contracts and acts as an intermediary between a buyer and seller for a commission. A broker is an independent party to a transaction and should not be confused with an agent who acts on behalf of a...

Bucket shop

Bucket shop refers to either a brokerage firm that illegally retains funds in a transaction or a historical enterprise that offers betting on stocks and futures without any underlying trading.

In the modern context, bucket...

Building and loan association

Building and loan associations were organizations that provided loans to members for buying homes. The organizations were formed by a community of low income members that made regular payments into the fund. Members owned shares in the...

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

Definition

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.

burial insurance

An insurance policy to cover the cost of burial, cremation or other disposal of a deceased remains.

Burial policy

Burial policy is an insurance policy used to cover the costs of funeral or cremation expenses for a person who has died. Burial insurance is paid out directly to the beneficiary who may need the money to cover funeral or cremation expenses,...

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