Chapter 7 Bankruptcy

When a debtor becomes insolvent and the bankruptcy proceeding begins, the debtor will either liquidate its assets or reorganize its debts. The liquidation route is governed by Chapter 7 of the Bankruptcy Code.

In a liquidation, the assets of...

Charitable Organization

A charitable organization is a nonprofit organization that seeks to advance some public benefit. Public benefit includes a broad range of areas such as education, poverty alleviation, scientific research, environment, diversity, religion, and...


A charity is a nonprofit organization whose efforts are focused on aiding those in need. This can take several forms, which can be local or international in scope. Some raise money or provide services like food, clothing, or shelter to...


1. Broadly, the highest law of an entity. More specifically:

(a) In corporate law, the articles of incorporation.

(b) In public law, the instrument by which a municipality is incorporated (e.g., city charter). This type of charter...


The attrition of customers of a business or users of a service which is used to gauge the growth of a business or economy.

Clayton Antitrust Act

The Clayton Antitrust Act of 1914, codified at 15 U.S.C. 12-27, outlaws the following conduct:

price discrimination;conditioning sales on exclusive dealing;mergers and acquisitions when they may substantially reduce competition;serving on the board...

Close Corporation


A close corporation is a corporation which does not exceed a statutorily defined number of shareholders and is not a public corporation. This number depends on the state's business laws, but the number is usually 35 shareholders.


Closely Held Corporation


A small, privately held corporation with only a few shareholders, usually family members or other close associates.

See alsoClose corporationFamily limited partnership

Co-operative (Co-op)

A form of business organization. Though generally a creature of state law, some federal laws apply to some co-ops as well. Co-ops differ from corporations and other business organizations both in their essentially democratic nature and in that their...

Common Stock


A class of stock or securities which represents equity ownership in a corporation. Common stock typically comes with voting rights, permitting shareholders control over the company by electing a board of directors and voting on corporate...