Business Legal Terms Glossary
Concise definitions of key legal terminology related to business law, contracts, corporate structures, intellectual property, and commercial regulations.
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- AcquisitionOne company takes over another, buying its assets or shares to gain control or ownership.
- Alternative Dispute ResolutionMethods for resolving disputes outside of traditional courtroom litigation, such as mediation and arbitration.
- Antitrust LawsFederal and state regulations designed to promote fair competition, prevent monopolies, and protect consumers by prohibiting anticompetitive business practices and mergers that reduce market competition
- ArbitrationA private dispute resolution process where parties agree to be bound by a third party's decision.
- Articles of IncorporationLegal document filed to establish a corporation, specifying its name, purpose, structure, and governance.
- Breach of ContractA breach of contract occurs when one party fails to fulfill its obligations under a legally binding agreement.
- BylawsInternal rules for managing a corporation, outlining operations, director duties, and shareholder rights.
- ContractA legally binding agreement between two or more parties that creates mutual obligations to be performed.
- CopyrightThe exclusive legal right to reproduce, publish, sell, or distribute an original literary, artistic, or intellectual work.
- Corporate GovernanceFramework of rules, practices, and processes by which a company is directed and controlled for stakeholder benefit.
- CorporationA legally created business entity with rights and liabilities separate from its owners, having perpetual existence and centralized management.
- Fiduciary DutyLegal obligation of loyalty and care by directors and officers to act in the best interest of the corporation.
- Limited Liability CompanyA flexible business structure combining liability protection and pass-through taxation while allowing owner management involvement.
- MediationA voluntary dispute resolution process facilitated by a neutral third party mediator.
- MergerCombining two or more companies into a single entity to enhance operations or market presence.
- PartnershipA business owned by two or more people who share profits, liabilities, and management responsibilities through a legally formed agreement.
- ShareholdersOwners of a corporation who have purchased shares representing equity stake and are entitled to certain rights and claims on assets/profits.
- Sole ProprietorshipA business structure where an individual operates a business as its sole owner, bearing all profits, losses, and legal responsibilities.
- Trade SecretConfidential business information providing a competitive advantage, protected by law from unauthorized disclosure or use by others, given reasonable efforts to maintain secrecy.