Glossary Archive

Building Permit Compliance Agreement A Building Permit Compliance Agreement is a legally binding document between a property owner and a municipality or governmental authority, ensuring that all construction activities comply with local building codes, zoning laws, and safety standards. This agreement typically arises when a property owner seeks a building permit for new construction, renovation,...

Burden of Proof in Arbitration The burden of proof in arbitration refers to the obligation of a party to present sufficient evidence to support their claims or defenses during an arbitration proceeding. In legal contexts, the burden of proof is crucial in determining the outcome of disputes, as it dictates which party is responsible for...

Business Continuation Agreement A Business Continuation Agreement is a legal document designed to ensure the continuity of a business following the departure of an owner due to various events such as retirement, death, disability, or voluntary exit. This agreement typically outlines the procedures and mechanisms for transferring ownership interests to remaining partners or designated successors,...

Business Dispute Mediation Services Business Dispute Mediation Services refer to structured processes that facilitate the resolution of conflicts between parties in a business context through the intervention of a neutral third-party mediator. These services are designed to help businesses resolve disputes without resorting to litigation, which can be time-consuming and costly. Mediation is a voluntary...

Business Entity A business entity is a legal structure that a business adopts to operate and conduct its affairs. This designation determines how a business is taxed, the personal liability of its owners, and the regulatory requirements it must satisfy. There are several common types of business entities: Sole Proprietorship: This is the simplest form...

Business Entity A business entity is an organization created for the purpose of conducting business. It serves as a legal structure through which individuals or groups can operate their business activities while limiting personal liability and establishing a formal identity in legal contexts. There are several types of business entities, each with its own legal...

Overview A Business Succession Planning Trust is a legal arrangement designed to ensure the smooth transition of a business from one owner or generation to the next. This type of trust is particularly important for family-owned or closely-held businesses, where the passing of ownership may involve complex emotional and financial considerations. Detailed Explanation A Business...

Buy-Sell Agreement A Buy-Sell Agreement is a legally binding contract among business owners that governs the sale and purchase of an owner's interest in a business. This agreement is particularly important for closely-held businesses, such as partnerships or limited liability companies (LLCs), as it provides a clear framework for what happens if an owner wants...

C Corporation A C Corporation is a legal structure for a corporation in which the owners, or shareholders, are taxed separately from the entity. This type of corporation is recognized as a distinct legal entity, meaning it can enter contracts, incur debts, and be liable for its own actions, independent of its owners. C Corporations...