Legal glossary category
Corporate Law
Browse 14 glossary entries in the Corporate Law category, with short plain-English descriptions and direct links to the full term pages.
department
The department acts like the 'permission slip' for a big school project; it tells everyone exactly what they are allowed to do and who must sign of...
Open term →director
Think of a director like the parent on your permission slip; they are the one making sure you follow the rules set by the school principal (the com...
Open term →dissolution
It's like when you finish reading a book; dissolution ends the story and all your commitments to it.
Open term →dividend
Think of a dividend like a cafeteria ticket a kid earns; the school promises to give it, and the kid can trade it for a snack at lunch.
Open term →executive officer
Think of an executive officer as the parent who signs permission slips for all the kids at a party.
Open term →fiduciary duty
It is like when you promise your sibling you will guard their favorite toy; even if a cooler toy comes along, you must still protect theirs first.
Open term →financial officer
The financial officer acts like a parent checking your allowance: they make sure every dollar spent matches what was promised, just like reading pe...
Open term →general counsel
Think of them like the ultimate rule enforcer on a playground; they make sure everyone follows the rules, just like when your mom says you must sig...
Open term →holding company
Think of it like a big owner who holds permission slips for several smaller friends.
Open term →joint venture
Think of a joint venture like two kids sharing a single library book; they each promise to take care of it and split any late fees together.
Open term →limited liability
Limited liability is like having a permission slip for your friend’s birthday party; even if they break something expensive, you only have to pay u...
Open term →limited liability company
It functions like a special permission slip for your business.
Open term →limited partnership
Think of it like a permission slip: the parents sign off on the main activities, but the kid just pays for the field trip without running the whole...
Open term →managing member
Think of it like being given permission slips for every class at school.
Open term →