A business involves a natural person or entity performing an activity or trade with the intent of making a profit. The activity or trade may be commercial, industrial, professional, or otherwise. A business commonly involves providing goods...
commercial activities
business expense
Business expenses are the operating costs of a business. Whether a given cost qualifies as a business expense is relevant because business expenses are tax deductible while other forms of expenses are not. To qualify as a business expense,...
business invitee
Business invitee refers to an individual welcomed inside or onto property by a business for commercial purposes. The term is used in tort law to describe individuals to which businesses owe some form of duty to protect. Customers going into...
business judgment rule
The business judgment rule provides a director of a corporation immunity from liability when a plaintiff sues on grounds that the director violated the duty of care to the corporation so long as the director’s actions fall within the...
business record exception
Business records exception is a statutory exception to the rule against hearsay in Federal and most state courts. The exception allows parties to enter regularly compiled records within an organization that meet a certain level of...
business records exception
Business records exception is a statutory exception to the rule against hearsay in Federal and most state courts. The exception allows parties to enter regularly compiled records within an organization that meet a certain level of...
buy-sell agreement
Buy-sell agreements are limits placed on ownership rights of closely-held organizations which require the shares be resold to either the organization or current partners when the owner decides to leave or passes away. Many partnerships and...
buyback
A buyback refers to when a corporation repurchases its own outstanding stock. By doing so, the number of overall shares in the market drops and the value of each individual share tends to increase. Issuing a buyback offer is not binding on...
buyer
A natural person or entity that buys goods or other property to a seller.
See also: Goods
[Last updated in July of 2021 by the Wex Definitions Team]
C corporation
A C corporation is any corporation that does not qualify or elect to be an S corporation under the Internal Revenue Code. A C corporation is a legal structure for a corporation where the company’s assets are separate from the owners’ assets....