State or local laws prohibiting certain businesses from operating on specific days, usually Sundays. While these laws have been abolished in many places, they originally aimed to encourage rest and religious observance.
An illegal dividend is a dividend declared by a corporation's board of directors in violation of its charter or state laws, typically including dividends paid out of capital surplus or those that would render the corporation insolvent.
Federal and state statutes that mandate safe packaging and warning labels on hazardous materials, such as poisons and other dangerous substances; also called packaging laws.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.