A nonprofit corporation is a legal entity incorporated under state law for purposes other than generating profits for owners or shareholders. Instead of distributing profits, any surplus revenue must be used to further the organization’s stated nonprofit purposes. The laws governing the formation and operation of nonprofit corporations vary by state.
An offshore corporation, or offshore company, is a company that is chartered under the laws of a country other than the U.S. These offshore jurisdictions, like the British Virgin Islands or the Cayman Islands, have special offshore company laws to encourage capital investment.
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.
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.
Payroll is a list of employees of a company who are entitled to receive a salary or other compensation for their work, showing how much each person earns, and sometimes including senior employees such as managers. It also refers to the total amount of money that must be paid to employees.
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.
"Piercing the corporate veil" refers to a situation in which courts put aside [wex:limited liability] and hold a [wex:corporation|corporation's] [wex:shareholder|shareholders] or [wex:director|directors] personally liable for the corporation’s actions or debts. Veil piercing is most common in [wex:close corporation|close corporations].
Piercing the veil, also known as "piercing the corporate veil" refers to a situation in which courts put aside limited liability and hold a corporation's shareholders or directors personally liable for the corporation’s actions or
A poison pill is a corporation’s defensive strategy used against a hostile takeover.
A preemptive right is a right of existing shareholders in a corporation to purchase newly issued stock before it is offered to others. The right is meant to protect current shareholders from dilution in value or control. Preemptive rights, if recognized, are usually set forth in the corporate charter.
