Annual report
A periodic entity filing used by many jurisdictions to confirm or update company information. The filing name, frequency, due date and fee vary.
BUSINESS GLOSSARY
Plain language for the terms that run the business.
Search common formation, ownership, tax, licensing, finance, digital identity and compliance terms. Definitions are educational summaries; controlling law, agencies, contracts and professional standards determine the exact meaning in context.
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42 of 42 terms
Articles of incorporation
A formation document commonly used to create a corporation under state law.
Articles of organization
A formation document commonly used to create an LLC under state law.
Assumed name
A public-facing name used by a business that differs from its legal name; jurisdictions may call it a DBA, fictitious name or trade name.
Beneficial owner
A person who ultimately owns or controls an interest in an entity under the definition used by the applicable law, regulator or provider.
BOI reporting
Beneficial ownership information reporting. Applicability, exemptions and filing duties are controlled by current federal law and official guidance and can change.
Bylaws
Internal governance rules commonly used by corporations to address board, officer, meeting and procedural matters.
Certificate of good standing
A state-issued or state-sourced record indicating an entity satisfies the issuing jurisdiction’s stated standing criteria at that time.
Corporation
A state-law entity generally owned through shares and governed through a board and officers, subject to its jurisdiction and governing documents.
DBA
“Doing business as,” a common label for an assumed, fictitious or trade name; exact filing rules vary by jurisdiction.
Domestic entity
An entity considered formed in the jurisdiction being discussed.
EIN
Employer Identification Number, a federal tax identifier issued by the IRS and commonly used for tax, banking, payroll and business identification.
Entity
The legal organization through which a business operates, such as an LLC or corporation. Not every business activity requires formation of a separate entity.
Foreign qualification
Registration of an entity in a jurisdiction other than its formation jurisdiction when applicable law requires it.
Franchise tax
A state-level tax or fee imposed by some jurisdictions for the privilege of existing or doing business there; rules vary significantly.
Good standing
A jurisdiction-specific status reflecting the state’s current records and compliance criteria. It does not mean every tax, license or legal obligation is satisfied.
Government fee
An amount controlled by a government agency or official filing process rather than by Mabnee.
Independent contractor
A worker classification that depends on applicable law and actual working facts, not merely the label used in an agreement.
Manager-managed LLC
An LLC governance model in which management authority is assigned to one or more managers under applicable law and the operating agreement.
Member
An owner of an LLC, subject to the company’s governing documents and applicable law.
Member-managed LLC
An LLC governance model in which members participate in management under applicable law and the operating agreement.
MCC
Merchant Category Code, a payment-industry classification used to describe the primary type of goods or services a merchant provides.
Nexus
A connection with a jurisdiction that can trigger tax or other legal obligations. Different taxes and laws can apply different nexus standards.
Operating agreement
An LLC governance document addressing ownership, management, economics, voting, transfers and internal rules.
Organizer
A person or entity that signs or submits an LLC formation document where the jurisdiction uses that role; an organizer is not automatically an owner or manager.
Partnership
A business relationship involving two or more persons carrying on a venture under applicable law; several partnership entity forms may also exist.
Principal office
A business address field used by many filings and providers. Exact meaning and eligibility depend on the controlling form or rule.
Professional entity
A corporation, LLC or other entity form subject to profession-specific rules on ownership, naming, management or practice.
Registered agent
A person or organization designated to receive official legal and state communications for an entity, subject to jurisdiction-specific eligibility rules.
Registered office
The qualifying address associated with a registered agent in jurisdictions that use the term.
Responsible party
A term used by the IRS and other systems for the individual or person exercising the level of control defined by that process. It is not interchangeable with a formation-service contact.
S corporation election
A federal tax election available to eligible entities that meet applicable requirements. It does not by itself describe the underlying state-law entity form.
Sales-tax nexus
A connection with a jurisdiction sufficient to trigger sales/use-tax duties under that jurisdiction’s law.
Service of process
Formal delivery of legal documents under applicable procedural rules.
Shareholder
An owner of shares in a corporation.
Sole proprietorship
A business operated by an individual without a separate entity being created merely by conducting the business.
Statement of information
A periodic or initial entity-information filing used by some jurisdictions; names and requirements vary.
Tax classification
The way an entity or business is treated for a particular tax system. It can differ from the entity’s state-law form.
Trade name
A name used in commerce that may differ from the entity’s legal name; registration requirements vary.
UCC filing
A filing under the Uniform Commercial Code system commonly associated with secured transactions. Its meaning depends on the transaction and filing.
Withholding
Amounts an employer or payer may be required to deduct and remit under tax or other rules.
Workers’ compensation
A state-governed insurance and benefits system for work-related injury or illness; employer requirements vary by jurisdiction and workforce.
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