The Law Dictionary for Everyone
An S corporation is type of business entity that functions like a corporation, but is taxed like a partnership. All of the corporate income, losses, deductions, and taxes are paid by the shareholders, rather than by the corporation itself. When creating an S corporation, which is an option for corporations with fewer than 100 shareholders, the owner must charter the […]
Read moreA pyramid scheme is a fraudulent business model that uses new recruits, who are promised payment to enroll others. The illegal investment scam begins when an individual or company recruits investors by promising high returns. These recruits are led to believe that the more people brought into the business, the higher the profits will be. Pyramid schemes only benefit the […]
Read moreThe term sole proprietorship refers to a business owned and operated by one person, which is not registered as a corporation or a limited liability company. In a sole proprietorship, there is no legal distinction between the individual and the business owner. While the owner is entitled to all profits from the business, he is also responsible for the business’ […]
Read moreProperty Management Property management is the control and operation of real estate, personal property, equipment, or physical assets. It is most often referred to in relation to the lease or rental of the property, in which a property manager handles the maintenance and day-to-day activities surrounding the property. In rental houses and apartments, this would include seeking occupants, and collecting […]
Read moreUnemployment refers to the state of not having a job, or being unable to gain employment when seeking work. In the United States, the number of unemployed individuals is used to evaluate the health of the economy. The unemployment rate used in such evaluation relies on the number of unemployed people, as well as the number of people available to […]
Read moreA non disclosure agreement is a legal contract in which the parties involved agree to keep the information included private. This type of contract creates a confidential relationship between the parties, and protects the confidential or proprietary information outlined in the agreement, as breaching a non disclosure agreement generally subjects the party to severe civil penalties. To explore this concept, […]
Read moreThe phrase hostile work environment is a civil law term that refers to the behavior of an individual in a workplace that creates an environment that makes work difficult or uncomfortable for another person. This includes behavior that may leave another employee feeling afraid or violated. Such offensive behavior happens in many forms, including sexual harassment. To explore this concept, […]
Read moreFringe Benefits meaning in law Fringe benefits are on-the-job benefits that come in a form other than money. Fringe benefits, sometimes called “perks,” are offered by some employers to some employees, usually for the purpose of enticing highly qualified individuals to accept or maintain employment at their companies. This type of non-wage benefit is something counted as taxable income, depending […]
Read moreAn employee handbook contains information related to a company’s policies and procedures. The company gives its handbook to its employees, generally requiring them to read it completely, to help ensure employees understand the company’s rules, regulations, and benefits. Just what information is contained in an employee handbook varies by the company’s needs, but it should be a useful source of […]
Read moreAn “EIN” is an Employer Identification Number, also known as a “Federal Employer Identification Number,” (“FEIN”), or a “Tax Identification Number” (“TIN”). In the United States, an EIN is the business and corporate equivalent to the Social Security number. EINs are issued to any person, business, or other entity that pays employee withholding taxes. To explore this concept, consider the […]
Read more