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BUSINESS LAW GLOSSARY |
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Glossary of Business
Law Terms
A
B C
D E
F G
H I
J K L
M N
O P
Q R S
T U
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W X Y Z #
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the first letter of the word from the list above to go to
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S Corporation: A "subchapter S"
corporation is a corporation that elects by filing with the IRS to be treated as
a partnership for taxation purposes.
Secondary Boycott: An organized refusal to
purchase the products of, do business with or perform services for (such as
deliver goods) a company which is doing business with another company where the
employees are on strike or in a labor dispute.
Secret Rebate: A kickback of money by a
business to a "preferred" customer, not offered to the public or by a
subcontractor to a contractor not shown on a job estimate. Both are illegal in
most states as unfair business practices and may result in criminal charges.
Secretary (Corporate Secretary): A
corporate officer, elected by the directors, usually charged with record-keeping
responsibilities.
Secretary of State: A state official
charged with responsibility for the filing of legal documents, including
corporation papers. In some states, and the District of Columbia, this
responsibility falls upon another department, such as Hawaii's Department of
Commerce and Consumer Affairs, or Arizona's Corporation Commission.
Securities: The broad term that refers to
shares of stock, bonds, and some debt instruments.
Service of Process: Providing a formal
notice to the defendant that orders him to appear in court to answer plaintiff's
allegations.
Sexual Harassment: Harassment is an
un-welcomed sexual advance by an employer or supervisor that becomes a condition
of the employee's employment or represents a threat to the employee's continued
employment. A "hostile work environment" harassment claim can arise
when the presence of demeaning or sexual photographs, jokes, threats, or overall
atmosphere is so pervasive as to create an intimidating and offensive work
environment.
Shareholder: An owner of a corporation and
one who holds shares of stock in a corporation.
Shareholder's Agreement: An agreement
between the shareholders of a corporation that can cover various matters such as
a commitment to vote particular persons as directors and
Shelf Corporation: A fully formed
corporation without operations, assets, or liabilities that remains in
inventory, or on a "shelf," waiting for a buyer. The advantages: a
shelf corporation can be operating within hours, and uses its original formation
date.
Silent Partner: A non-legal term for an
investor who puts money into a business, but takes no part in the management and
is usually unknown to the customers. A "limited partner" is prohibited
from taking part in management and has no liability for debts beyond his/her
initial investment.
Simple Majority: With respect to
shareholder and director voting, more than 50%.
Social Security: A federal program of
retirement or disability payments created by taxing employees' income.
Sole Proprietorship: Simply, a business
owned and managed by one person. Sole proprietorships do not enjoy liability
protection.
Special Meeting of Directors: A meeting of
directors, but not an annual meeting, called for a specific purpose.
Special Meeting of Shareholders: A meeting
of shareholders, but not an annual meeting, called for a specific purpose.
Statute of Limitations: The time period
within which a plaintiff must file his action against the defendant. This time
frame varies by state. In North Carolina, the statute of limitations is three
years.
Stock Options: A type of retirement plan
in which employees have the opportunity to purchase stock in the company for
which they work.
Stockholder: An owner of a corporation and
one who holds shares of stock in a corporation.
Straw Man: A person to whom title to
property or a business interest is transferred for the sole purpose of
concealing the true owner and/or the business machinations of the parties.
Strict Liability: The defendant is liable
to the plaintiff regardless of fault.
Subpoena: A form issued by the court
requiring someone to appear in court and/or bring documents. (Also referred to
as a "Summons.")
Subscriber: A person who contracts to
purchase the shares of a corporation.
Subscription Agreement: A contract to
purchase the shares of a corporation.
Subsidiary: A corporation that is owned
outright or controlled by a parent corporation.
Supermajority: With respect to shareholder
and director voting, any required percentage higher than 50 percent.
Syndicate: A joint venture among
individuals and/or corporations to accomplish a particular business objective,
such as the purchase, development and sale of a tract of real property, followed
by division of the profits.
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information contained within this personal injury site is of a general nature
and is not meant to be a restatement of any rules of law. Your
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