Coverage providing funds for maintenance of a business as closely to normal as possible in the event of a loss of a key person, owner, or partner.
Business meals are meals that are consumed during the course of business operations, and can include client entertainment, business meetings, and meals during travel. They are typically deductible expenses under certain tax regulations.
A 'Business Name' refers to the legal name under which a sole trader, partnership, limited liability partnership, or company conducts business activities. The selection of a business name is regulated by the Companies Act to prevent misleading names.
A business office is a physical location devoted to the conduct of business activities. It is dedicated to promoting a particular business and is considered a necessary cost of doing business.
Business or Professional Activity Code refers to six-digit code numbers used to classify enterprises by the type of activity for the administrative purposes of the Internal Revenue Service (IRS). These codes are analogous to the North American Industry Classification System (NAICS).
A business organization refers to the legal structure of a particular business in terms of how it functions. Its purpose is central to its structure.
Business Performance Management (BPM) is a framework of metrics that enables companies to analyze and ensure they meet their key performance indicators. This guide explains BPM, its applications, and related concepts.
A business plan is a comprehensive guide that outlines a company's goals, strategies, and financial projections, essential for both new ventures and established businesses seeking capital or strategic direction.
Business process re-engineering (BPR) is a strategic approach to improving organizational efficiency by fundamentally rethinking and redesigning business processes.
Business Process Re-engineering (BPR) aims to lower costs and improve quality through a radical reassessment of an organization's working methods, leveraging enhanced information technology for fundamental redesign.
Business property refers to any property used in a trade or business that is not classified as a capital asset. This could include inventory, property held for sale, trade receivables, depreciable property, real property, and intangible assets like copyrights or trademarks.
A comprehensive insurance package that provides protection for a business's property against damage or destruction caused by perils such as fire, smoke, and vandalism, as well as liability coverage if the actions (or non-actions) of the business's representatives result in bodily injury or property damage.
Business Property Relief (BPR) is a form of inheritance tax relief available on certain types of business property, designed to protect family businesses from the burden of inheritance tax upon the death of an owner.
A principle applied to various transactions to ensure that the transaction serves a legitimate business purpose, other than solely for tax benefits, in order to be considered valid for tax purposes.
The local tax paid in the UK by businesses, based on a local valuation of the property occupied by the business and the Uniform Business Rate (UBR) set by central government.
A Business Reply Card (BRC) or envelope is a pre-addressed reply mechanism, typically used for promotion, that allows respondents to reply without needing to pay postage. The initiating mailers cover the postage costs via an annual business reply permit fee.
A service allowing businesses to distribute preaddressed cards, envelopes, labels, or cartons that can be mailed back without prepayment of postage, with charges incurred upon delivery.
Separately identifiable parts of the business operations of a company or group whose activities, assets, risks, and returns can be clearly identified. Companies are obliged to disclose in their annual report and accounts certain financial information relating to these business segments.
Business software packages (commonly referred to as office suites) encompass a broad range of software programs sold to facilitate various business activities, from bookkeeping to document processing.
A business trust is an unincorporated business organization created by a trust instrument. It is an alternative to a corporation or partnership structures, allowing the trustee to manage the trust's assets for beneficiaries.
Business value encompasses the total worth of a business, considering both tangible and intangible assets. It represents the value above the mere physical assets, including elements such as goodwill and going-concern value.
A form of advertising intended to communicate among businesses as opposed to consumer advertising. B2B advertising is directed at business people or companies that purchase or specify products for business use.
A Businessowners Policy (BOP) is a package policy commonly tailored for small and medium-sized businesses. It combines property and business interruption insurance to cover a range of expenses resulting from damage, destruction or liability issues related to business operations.
In corporate acquisitions, a bust-up acquisition is a strategy where a raider sells some of the acquired company's assets to finance the leveraged acquisition.
A defined area of the screen, usually designed to look like a pushbutton, which, when clicked with a mouse, performs a given action often represented by an icon on the button face.
To acquire property, goods, or services in return for money or its equivalent. It can also be used synonymously with bargain.
A buy down involves paying extra upfront to a lender in exchange for a lower interest rate on a mortgage loan. This lower rate can apply to either the entire loan term or part of it.
In securities trading, a buy order is an instruction to a broker to purchase a specified quantity of a security at the market price or another stipulated price.
A buy-and-sell agreement is a strategic approach utilized in sole proprietorships, partnerships, and close corporations to safeguard the continuity of the business upon the death or disability of a proprietor, partner, or shareholder. Such agreements involve selling the business interests to remaining members according to a predetermined formula.
A buy-back agreement is a contractual provision where the seller agrees to repurchase the property at a stated price upon the occurrence of a specified event within a certain period of time.
A Buy-In is a procedure used in options trading and securities transactions to manage the responsibility for the delivery or acceptance of stock when the original agreement is not met.
The purchase of a holding of more than 50% in a company by (or on behalf of) a group of executives from outside the company who wish to run the company.
A Buy-In Management Buy-Out (BIMBO) is a strategic acquisition where existing management, along with external investors, purchase a company, offering a blend of insider expertise and additional capital with more managerial control.
A buy-out, also known as a buyout, refers to the purchase of a substantial holding in a company, often by its existing managers or employees. This enables the acquiring party to gain greater control or full ownership of the company.
A buy-sell agreement is a legally binding pact among partners or stockholders that outlines the process for one party to buy the interests of another if certain events occur, such as the death of a partner.
A buyer is an individual or entity that purchases goods or services. Buyers can be categorized into various types based on their role and the nature of their purchasing activity.
Buyer behavior is a field of study crucial for understanding how buyers make their purchase decisions, influenced by personality, sociodemographic characteristics, and lifestyle. It plays an essential role in modern marketing strategies.
A buyer's broker in real estate brokerage represents the buyer's interests explicitly, locating appropriate properties, assisting in making offers, and negotiating contracts. The buyer may or may not pay a fee for these services.
A buyer's market is an economic situation where the supply of goods or assets exceeds demand, giving buyers an upper hand in negotiations over sellers. This term is widely used in the real estate sector to describe conditions where property buyers have an abundance of choices and leverage to negotiate lower prices.
Buyer's remorse refers to the regret or anxiety that a person may feel after making a significant purchase, often due to cognitive dissonance. This phenomenon is common in both consumer and business purchases.
Buying on margin involves purchasing securities using credit from a broker, facilitated through a margin account, and is strictly regulated by the Federal Reserve Board (FRB).
A buyout involves purchasing at least a controlling percentage of a company's stock to take over its assets and operations. It can be accomplished through negotiation or a tender offer.
Buzz words are slang terms or phrases often used by specific groups to convey ideas in an impressive but sometimes imprecise manner. They can become part of standard English if their usage becomes widespread.
The term 'By the Book' refers to acting in a very rigid manner, according to pre-established written guidelines and regulations. It often represents a criticism implying a lack of flexibility and responsiveness within an organization.
A by-product is a secondary product derived from a manufacturing process or chemical reaction, often with some economic value.
Bylaws are rules adopted for the regulation of an association's or a corporation's own actions. In corporation law, bylaws are self-imposed rules that constitute an agreement or contract between a corporation and its members to conduct the corporate business in a particular way.
A bypass trust, also known as a credit shelter trust or an exemption trust, is an irrevocable trust that allows parents to pass assets to their children while reducing or eliminating estate taxes.
A byte is the amount of computer memory space needed to store one character, which is typically 8 bits. A computer with 8-bit bytes can distinguish 2^8 = 256 different characters. The size of a computer's memory is measured in kilobytes, where 1 kilobyte (KB) = 1024 bytes.
A Change of Beneficiary Provision allows the policyholder to alter the beneficiary designated to receive the benefits from a financial product such as life insurance or retirement accounts.
A costing method is a practice that organizations use to value and allocate costs associated with producing goods or services. The choice of costing method can significantly impact the financial reporting and management decision-making processes of a business.
In accounting, an endorsement refers to the act of signing the back of a negotiable instrument, such as a check, to transfer ownership or authorize payment.
The Greater Fool Theory posits that one can make money through the purchase of overvalued assets by selling them to someone even less informed or more optimistic.
Overheads, also known as burden in the USA, refer to the ongoing business expenses not directly attributed to creating a product or service. Understanding overheads is crucial for accurate financial reporting and cost management.
The Purchase Day Book, also known as Bought Day Book in the US, is a financial ledger in accounting where all purchase and expense transactions made on credit are recorded before being posted to the individual supplier accounts in the General Ledger.
Savings and Loan Associations (S&Ls) are financial institutions that specialize in accepting savings deposits and making mortgage and other loans.
Stachybotrys Chartarum, commonly known as black mold, is a toxic mold species that can cause health issues when present in living or working environments. It is often found in places with excessive moisture.
A toolbar is a graphical control element on which on-screen buttons, icons, menus, or other input or output elements are placed. Toolbars are typically found in software applications to provide quick access to user commands, settings, or functionalities.
The concept of 'Trade or Business' encompasses all activities and operations undertaken with the aim of generating profit through commercial or trading transactions. It is a critical term for both taxation and business regulation purposes.
