Legal Definitions and Terms
Business Entities
"C" Corporation: A corporation whose shares are held by shareholders and may be publicly traded.
Foreign Corporation: A corporation doing business in a jurisdiction in which it was not formed.
General Partnership: A partnership in which each partner is liable for all partnership debts and obligations regardless of the amount of the individual partner's capital contribution.
Holding Company: A company whose sole function is to own and control other companies.
Joint Venture: A cooperative business agreement or partnership between two or more parties that is usually limited to a single enterprise and that involves the sharing of resources, control, profits, and losses.
Limited Liability Company: An unincorporated company formed under applicable state statute whose members cannot be held liable for the acts, debts, or obligations of the company and that may elect to be taxed as a partnership.
Limited Partnership: A partnership in which the business is managed by one or more general partners and is provided with capital by limited partners who do not participate in management but who share in profits and whose individual liability is limited to the amount of their respective capital contributions.
Partnership by Estoppel: A partnership created by operation of law when a defendant by words or conduct represents himself or herself to the plaintiff or to the public as a partner and the plaintiff relies on the representation to his or her detriment. Many affiliate programs fall within this classification.
"S" Corporation: A corporation with a limited number of shareholders that is treated as a partnership for tax purposes.
Sole Proprietorship: A business owned and controlled by one person who is solely responsible for its obligations.
Legal Terms
Contract: An agreement between two or more parties that creates in each party a duty to do or not do something and a right to performance of the other's duty or a remedy for the breach of the other's duty.
Copyright: The legal right granted to an author, composer, playwright, publisher, or distributor to exclusive publication, production, sale, or distribution of a literary, musical, dramatic, or artistic work.
FICA: A tax on employees and employers that is used to fund the Social Security system
Intellectual Property: A creation of the intellect that has commercial value, including copyrighted property such as literary or artistic works, and ideational property, such as patents, appellations of origin, business methods, and industrial processes.
Non-Disclosure Agreement: A contract whereby one promises to treat information confidentially and not give out information without proper authorization.
Trademark: A name, symbol, or other device identifying a product, officially registered and legally restricted to the use of the owner or manufacturer.
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