p Archives - IncNow https://www.incnow.com/glossary/ Delaware LLC Incorporation Services Wed, 31 May 2023 15:38:23 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.2 Punitive Damages (Exemplary damages) https://www.incnow.com/glossary/punitive-damages-exemplary-damages/ Sat, 19 Oct 2013 01:55:44 +0000 http://www.incnow.com/?post_type=glossary&p=930 An amount of money that is awarded to a victim, with the intention of not just compensating the victim but also punishing the wrongdoer.

The post Punitive Damages (Exemplary damages) appeared first on IncNow.

]]> An amount of money that is awarded to a victim, with the intention of not just compensating the victim but also punishing the wrongdoer.

The post Punitive Damages (Exemplary damages) appeared first on IncNow.

]]> Public Benefit Corporation (see also Benefits Corporation) https://www.incnow.com/glossary/public-benefit-corporation-see-also-benefits-corporation/ Sat, 19 Oct 2013 01:55:31 +0000 http://www.incnow.com/?post_type=glossary&p=929 Recently added to Delaware law, this is a corporation that has a purpose that benefits the public. It is subject to slightly different requirements than a for-profit corporation and is different from a non-profit, such as a 501(c)(3).

The post Public Benefit Corporation (see also Benefits Corporation) appeared first on IncNow.

]]> Recently added to Delaware law, this is a corporation that has a purpose that benefits the public. It is subject to slightly different requirements than a for-profit corporation and is different from a non-profit, such as a 501(c)(3).

The post Public Benefit Corporation (see also Benefits Corporation) appeared first on IncNow.

]]> Promissory Note https://www.incnow.com/glossary/promissory-note/ Sat, 19 Oct 2013 01:55:07 +0000 http://www.incnow.com/?post_type=glossary&p=926 A binding document that details an “I Owe You” between a creditor and a debtor. Examples of items listed on a promissory note include, but are not limited to: terms and conditions of the loan, when the loan will be repaid, and how the loan will be repaid.

The post Promissory Note appeared first on IncNow.

]]> A binding document that details an “I Owe You” between a creditor and a debtor. Examples of items listed on a promissory note include, but are not limited to: terms and conditions of the loan, when the loan will be repaid, and how the loan will be repaid.

The post Promissory Note appeared first on IncNow.

]]> Professional LLC https://www.incnow.com/glossary/professional-llc/ Sat, 19 Oct 2013 01:54:54 +0000 http://www.incnow.com/?post_type=glossary&p=925 This is an LLC that is an individual or group of individuals that are in a profession that requires a license, such as lawyers or doctors.

The post Professional LLC appeared first on IncNow.

]]> This is an LLC that is an individual or group of individuals that are in a profession that requires a license, such as lawyers or doctors.

The post Professional LLC appeared first on IncNow.

]]> Professional Association https://www.incnow.com/glossary/professional-association/ Sat, 19 Oct 2013 01:54:25 +0000 http://www.incnow.com/?post_type=glossary&p=922 This is a corporation that is an individual or group of individuals who practice a license-required profession, such as lawyers or doctors.

The post Professional Association appeared first on IncNow.

]]> This is a corporation that is an individual or group of individuals who practice a license-required profession, such as lawyers or doctors.

The post Professional Association appeared first on IncNow.

]]> Principal Office https://www.incnow.com/glossary/principal-office/ Sat, 19 Oct 2013 01:54:12 +0000 http://www.incnow.com/?post_type=glossary&p=921 This is the headquarters of a business, usually as determined by the total activities of the company. These activities include both the muscle center (operations center) and nerve center (executive office). Some states will ask for this on formation documents, although it is not required to be in the Certificate of Formation for most states.

The post Principal Office appeared first on IncNow.

]]> This is the headquarters of a business, usually as determined by the total activities of the company. These activities include both the muscle center (operations center) and nerve center (executive office). Some states will ask for this on formation documents, although it is not required to be in the Certificate of Formation for most states.

The post Principal Office appeared first on IncNow.

]]> President https://www.incnow.com/glossary/president/ Sat, 19 Oct 2013 01:53:37 +0000 http://www.incnow.com/?post_type=glossary&p=918 A president is one of the officers of a corporation, who is generally responsible for the day-to-day operations of the company and signs the contracts.

The post President appeared first on IncNow.

]]> A president is one of the officers of a corporation, who is generally responsible for the day-to-day operations of the company and signs the contracts.

The post President appeared first on IncNow.

]]> Preferred Stock https://www.incnow.com/glossary/preferred-stock/ Sat, 19 Oct 2013 01:53:23 +0000 http://www.incnow.com/?post_type=glossary&p=917 Preferred stock is a different category of stock than common stock, which can also have different value and voting rights. This is designed to maintain control of the corporation’s founders or original members.

The post Preferred Stock appeared first on IncNow.

]]> Preferred stock is a different category of stock than common stock, which can also have different value and voting rights. This is designed to maintain control of the corporation’s founders or original members.

The post Preferred Stock appeared first on IncNow.

]]> Preemptive Rights https://www.incnow.com/glossary/preemptive-rights/ Sat, 19 Oct 2013 01:52:57 +0000 http://www.incnow.com/?post_type=glossary&p=914 The right, but not obligation, of shareholders to have the first opportunity to buy new issues of stock or pre-empt the sale of stock to a third party. This allows owners to increase ownership and keep unwanted individuals from becoming stockholders.

The post Preemptive Rights appeared first on IncNow.

]]> The right, but not obligation, of shareholders to have the first opportunity to buy new issues of stock or pre-empt the sale of stock to a third party. This allows owners to increase ownership and keep unwanted individuals from becoming stockholders.

The post Preemptive Rights appeared first on IncNow.

]]> Personal Service Corporation Tax Status https://www.incnow.com/glossary/personal-service-corporation-tax-status/ Sat, 19 Oct 2013 01:52:37 +0000 http://www.incnow.com/?post_type=glossary&p=913 The tax status of a C-Corporation or taxable LLC which provides consulting or personal services. A company with this tax status must pay the top corporation tax rate on its taxable income. (Tax Loophole: The graduated corporate tax rate starting at 15% can be used if at least 6% of the stock in the corporation […]

The post Personal Service Corporation Tax Status appeared first on IncNow.

]]> The tax status of a C-Corporation or taxable LLC which provides consulting or personal services. A company with this tax status must pay the top corporation tax rate on its taxable income. (Tax Loophole: The graduated corporate tax rate starting at 15% can be used if at least 6% of the stock in the corporation or units in the taxable-LLC are given to a person not employed by the corporation or taxable-LLC.)

The post Personal Service Corporation Tax Status appeared first on IncNow.

]]>