In business law, divestment is when a business sells off its subsidiaries, investments, or other assets for a financial, ethical, or political objective. To do so, the business must partially or fully remove the asset from its financial...
llcs-corporations-partnerships
(Wex page)
A domestic corporation is a corporation that does business in the jurisdiction in which it is incorporated. This can be compared to a Foreign Corporation which conducts business in a jurisdiction other than its place of incorporation. The...
(Wex page)
Double taxation refers to the imposition of taxes on the same income, assets or financial transaction at two different points of time.
Double taxation can be economic, which refers to the taxing of shareholder dividends...
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To draw is to produce, create, or make any picture or line. Some common usage of the term “draw” in a legal sense include:
The withdrawal of money from a bank account, such as through presenting a check. To receive money in advance,... (Wex page)
The duty of care is a fiduciary duty requiring directors and/or officers of a corporation to make decisions that pursue the corporation’s interests with reasonable diligence and prudence. This fiduciary duty is owed by directors and officers...
(Wex page)
The duty of good faith is the principle that directors and officers of a corporation who are making decisions in their capacities as corporate fiduciaries, must act with a conscious regard for their responsibilities in that role. A violation...
(Wex page)
The duty of loyalty is one of the fiduciary duties owed by a company’s directors . The duty of loyalty requires the directors to place the interests of the company and the shareholders before any of their personal interests. The directors’...
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An entity refers to a person or organization possessing separate and distinct legal rights, such as an individual, partnership, or corporation. An entity can, among other things, own property, engage in business, enter into contracts, pay...
(Wex page)
Equitable ownership, in the context of corporate/commercial law, is a doctrine under which an individual who exercises sufficient control over the corporation may be deemed an equitable owner, notwithstanding the fact that the individual is...
(Wex page)
Family limited partnership (FLP) is a legal entity used by families to start a business together or to be an estate planning vehicle. FLPs are made up of general partners who manage the business and limited liability partners who only invest...