Legal glossary category
Corporate Law
Browse 24 glossary entries in the Corporate Law category, with short plain-English descriptions and direct links to the full term pages.
acquired company
Think of a kid handing over his LEGO set to a friend after promising to share; the friend now owns the bricks and must keep them safe.
Open term →executive officer
Think of an executive officer like the kid who holds the class’s permission slip; the school trusts them to sign field‑trip forms, and the kid’s si...
Open term →financial officer
Think of a financial officer like the kid who holds the class’s piggy bank and signs the permission slip to spend it on snacks.
Open term →general counsel
Like a hall pass that lets a student move anywhere in school while making sure they follow rules, a general counsel lets a business act while watch...
Open term →general partner
Think of a general partner like the kid who signs the class field trip permission slip and is responsible if the bus breaks down.
Open term →good standing
Good standing is like having a library card with no overdue fines.
Open term →holding company
Think of a holding company like a parent’s wallet that holds several gift cards; the wallet itself isn’t used to buy anything, but it lets the pare...
Open term →indenture
Think of an indenture like a school hall pass that lists when you must be back, what you can do, and the consequences if you’re late.
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 →legal counsel
Think of a hall pass that lets a student leave class safely; legal counsel is the pass that lets a business move forward without breaking school ru...
Open term →limited liability
Think of a hall pass that lets a kid leave class without the teacher chasing them; the pass keeps the kid safe from trouble outside the hallway.
Open term →limited liability company
An LLC works like a school field‑trip permission slip: the kids can go on the trip, but if the bus crashes, the parents aren’t on the hook for the...
Open term →limited partnership
Think of a limited partnership like a school project where one student does all the work and can be blamed for a bad grade, while the others just h...
Open term →majority
Imagine a class vote where at least six out of ten kids must agree to pick a game; that winning group acts for the whole class.
Open term →managing director
Think of a managing director like a hall pass that lets a student make decisions for the whole class, but if they misuse it, the teacher can hold t...
Open term →material adverse
Imagine you promise to trade your baseball cards, but then a storm destroys half your collection; the trade can be canceled because the storm is a...
Open term →merger
A merger works like two kids sharing one lunchbox; they both get what’s inside, but the lunchbox now belongs to the kid who holds it.
Open term →national association
Imagine a hall pass that lets an entire class walk through a restricted hallway; a national association is the group’s pass, granting collective pe...
Open term →non-controlling
Imagine a kid with a hall pass that lets them sit in the cafeteria but not choose the menu; they can eat, but they can’t decide what’s served.
Open term →operating agreement
Think of it as a classroom hall pass that tells who can lead the group project, who gets credit, and what happens if someone quits early.
Open term →organizational
Organizational works like a school's student council structure—defining who can make decisions, who needs approval, and who's responsible for what...
Open term →parent
Think of a parent company as a grown-up making decisions for a child.
Open term →parent company
Think of a parent company like a school hallway monitor who can decide which class goes where and must clean up if the class makes a mess.
Open term →partnership
Think of a partnership like two kids sharing a snack; if one spills it, both get in trouble with the teacher.
Open term →