corporations

Authorize

To authorize means to grant authority; to empower. It may also mean to formally or officially approve.

[Last updated in June of 2021 by the Wex Definitions Team]

balance sheet

A financial statement that consists of a three-part summary of a company's assets, liabilities, and ownership equity at a particular instance in time. It is intended to show the financial condition of a company at that time.

The balance sheet...

Bankruptcy

Overview

Bankruptcy law provides for the reduction or elimination of certain debts, and can provide a timeline for the repayment of nondischargeable debts over time. It also permits individuals and organizations to repay secured debt--typically debt...

Board of Directors

In a corporation, the board of directors is a groups of people, selected by the shareholders, who make the major decisions for the company. The exact responsibilities of the board are governed by the company’s articles 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...

Buyback

Definition

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

Bylaw

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

Bylaws

Definition

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

C Corporation

Definition

Any corporation that does not qualify and elect to be an S corporation under the Internal Revenue Code. Unlike S corporations, C corporations must always pay income taxes directly to the federal government.

See 26 U.S.C. § 11 and 26 U...

Call

Call generally means to request or to use an option. Call has a few different meanings that arise in the legal context:

A person “calls” an option when they choose to use a call option for buying an asset. The person gets to buy a...

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