Browse all business terms, including lending & finance, merchant processing, payroll, insurance, information technology, and business formation.
A cash or deferred arrangement that allows employees to authorize their employer to place pretax dollars in a retirement plan that invests the money. The contributions (including those matched by the employer) and any earnings on them are not subject to Federal Income Tax and MOST (not all) State Income Tax until they are withdrawn.
A/R Management Services
Billing, lockbox collection, payment processing, monitoring and reporting services.
Accounts Receivable Coverage
Accounts receivable coverage protects you from the inability to collect billings owed to you after supporting records are damaged in a property loss.
Accounts Receivable Financing
An asset-based financing arrangement in which companies use their receivables as collateral in exchange for capital.
Financial institution that initiates contracts with merchants to perform electronic transactions.
Obtaining control of another corporation by purchasing all or a majority of its outstanding shares, or by purchasing its assets.
An involuntary dissolution of a corporation by an act of the Secretary of State or similar state authority, caused by the corporation’s failure to comply with certain statutory requirements; especially the failure to file an annual report, to pay franchise taxes or maintain a valid Registered Agent.
Advanced Earned Income Credit (EIC)
Payments of earned income credit, during the year, to employees who expect to be eligible for this credit. Employers make the payments out of Federal Income, Social Security and Medicare taxes withheld from the employee’s wages.
Advisory Board of Directors
An advisory board of directors are individuals appointed to advise an elected board of directors. This board is not bound by the duties imposed upon elected board members, and the corporation is not required to follow their recommendations.
After Tax Deduction
A deduction from an employees pay that does not reduce the employees taxable wages. It is taken from net pay not gross pay.
Anyone who is authorized to act on the behalf of another. A corporation acts only through its agents; therefore, it is important to define what actions an agent is authorized to perform.
Agent for Service of Process
An agent, required to be appointed by a corporation, whose authority is limited to receiving process issued against the corporation. Also known as a Registered Agent or a Resident Agent.
Aircraft liability provides coverage for liability arising out of the use of aircraft owned by your company or held under long-term lease. Damage to your airplane is normally covered as well.
A doctrine of law which disregards the principle of limited liability enjoyed by a corporate entity when it is proven that, in fact, no separate identity of the individual and corporation exists. The alter ego principle may also apply to relationships between corporate entities and their subsidiaries.
Amended Certificate of Authority
A document issued by a state to a foreign corporation evidencing that the corporation has amended its original certificate of authority.
An addition to, deletion from, or a change of existing provisions of the articles of incorporation of a domestic corporation.
Process of accounting for the decreasing value of an amount over a period of time.
A yearly meeting of shareholders at which directors are elected and other general business of the corporation is conducted.
Annual percentage rate (APR)
Interest rate finance charge in terms of a whole year applied to a loan, credit card, etc.
A required annual filing in a state, usually listing directors, officers and financial information. Also, an annual statement of business and affairs furnished by a corporation to its shareholders.
Official government authentication of a document, usually by the State Department, Justice Ministry or Foreign Ministry, which legalizes it for use in another country. This service is included in The Company Corporation’s international package.
Application for Certificate of Authority
The form filed in many states to qualify a corporation to transact business as a foreign corporation.
Arm’s Length Relationship
An arm’s length relationship is a term used to describe a type of business relationship a corporation should have with a close associate to avoid a conflict of interest. For example, when you negotiate with your banker or your supplier, any agreement which results will likely reflect market value and commercially reasonable terms and conditions. When you loan money to your son or daughter, you may be inclined to provide much more favorable terms and conditions. The first example would be considered to be an arm’s length relationship, while the second example would not. When your corporation does business with or makes loans to corporate officers and directors, the relationship must be at arm’s length to avoid conflicts of interest.
Articles of Incorporation
The title of the document filed in many states to create a corporation. Also known as the certificate of incorporation or corporate charter.
Articles of Organization
The title of the document filed in many states to register a limited liability company (LLC) with the state. Also known as articles of formation.
ASP.NET is a web development framework from Microsoft for creating dynamic websites and applications. A web development framework, in this sense, is a piece of software that is installed on a web server (or even your PC) that supports the website or application. A rudimentary analogy would be what a regulation basketball court is to the sport of basketball. A basketball court provides boundaries and a foundation in which the game can be played on, much in the same way a development framework provides a general foundation to build websites on top of. C# and Visual Basic are scripting languages that can be used to create ASP.NET websites. For more information, see Scripting Language.
A name other than the true name, under which a corporation or other business organization conducts business. Also referred to as a fictitious name, a trade name or “doing business as” (d/b/a).
The process (typically over a credit card terminal) where an issuing bank approves a credit card transaction.
A service provider that allows Internet merchants to accept online payments by credit card and electronic check.
The maximum number of shares that a corporation may issue pursuant to its articles of incorporation.
Automated Clearing House (ACH)
A federal reserve bank or private institution acting on behalf of an association operating a facility that serves as a clearing house for direct deposit transactions. Entries are received and transmitted by the ACH under the rules of association.
Automobile policies cover your liability for bodily injury and property damage arising out of the use of a covered auto.
Commerce transactions between businesses. Short for Business to Business.
Commerce transactions businesses and consumers. Short for Business to Consumer.
Debt that is not collectible which makes it worthless to the creditor.
Financial statement showing assets, liabilities and equity.
Repaying a loan when it reaches it’s full amount or agreed upon repayment date (interest payments are made throughout the life of the loan.)
Whenever anyone visits a website, a certain amount of information is transferred from the web server hosting the website to the visitor’s browser. The amount of information transferred correlates to what the user sees and/or hears: text and images, video, music, even the styles associated with colors and text size. The transfer of that information uses a provider’s bandwidth. Bandwidth is refreshed at the beginning of each new month. The Small Business Authority provides enough bandwidth to accommodate even the busiest of websites.
Basis, a tax and accounting term, is the measuring rod against which gain or loss is measured. With stock, basis is what you pay for stock or the fair market value of property you contribute in exchange for the stock.
Series of programs that can run completely on a computer without manual intervention.
An instrument is payable to its bearer when by its terms it is payable to 1) a bearer or the order of a bearer; 2) a specified person or bearer; or 3) “cash” or the order “cash,” or any other indication that does not purport to designate a specific payee. Bearer shares are a common example of a bearer instrument.
Lien on all of the debtor’s current and acquired personal property assets.
Blue Sky Law
A term used to describe state laws and regulations governing the issuance and sale of securities to residents of a state and the licensing and regulation of securities brokers and dealers.
Board of Directors
The governing body of a corporation who is elected by shareholders. The directors are responsible for selecting the officers and the supervision and general control of the corporation.
Boiler and Machinery Insurance
Boiler and machinery insurance is an important coverage that is sometimes overlooked. Insurers sometimes refer to this coverage as “energy systems” insurance to emphasize that it does not apply solely to boilers. Boiler and machinery policies add coverages that are normally excluded under the standard property policy.
A long-term debt secured by a mortgage on real property or a lien on other fixed assets.
Broker of Record
The broker of record is the Insurance agent designated by the policy holder (business owner) and recognized by an insurance carrier to represent and manage the policyholder’s insurance policy
Builders Risk Coverage
Builders risk policies are specifically designed to insure buildings and structures, such as bridges, while they are being constructed.
Business Interruption Coverage
Business interruption coverage covers lost profits and ongoing expenses during a business shutdown caused by a covered property loss.
Business Corporation Act
A business corporation act is the collection of laws in each state that governs corporations.
The regulations of a corporation that, subject to statutory law and the articles of incorporation, provide the basic rules for the conduct of the corporation’s business and affairs.
Formal business statement with goals, reasons for attainment and the plan for reaching the goals (can also contain background information.)
Lump sum payment made to lower the amount of some or all of the remaining payments.
The most common corporate structure, also known as a general corporation. A C corporation may have an unlimited number of stockholders. Consequently, it is usually chosen by those companies planning to have more than 30 stockholders or large public stock offerings.
A plan that offers flexible benefits under IRC (Internal Revenue Code) Section 125. Employees choose their benefits from a “menu” of cash benefits, some of which can be paid for with pretax deductions from wages.
Assets available for use in the production of goods and services.
Submission of a credit card transaction for processing.
Credit or debit card transaction where the person is physically present so the card can be swiped.
Provides coverage for goods/materials while in transit
Movement of cash into or out of a business.
Certificate of Authority
Formal evidence of qualification issued by a state to a foreign corporation.
Certificate of Existence
See Certificate of Good Standing
Certificate of Good Standing
A certificate issued by a state official as conclusive evidence that a corporation is in existence or authorized to transact business in the state. The certificate generally sets forth the corporation’s name; that it is duly incorporated or authorized to transact business; that all fees, taxes and penalties owed the state have been paid; that its most recent annual report has been filed; and, that articles of dissolution have not been filed. Also known as a certificate of existence or certificate of authorization.
Certificate of Incorporation
The title of the document filed in many states to create a corporation. Also known as the articles of incorporation or corporate charter.
Return of funds to a consumer which is enforced by their bank (usually a reversal of outbound transfer funds.)
This is the actual date of payment from an employer to an employee for time worked.
Gatekeeper of merchant processing where all applications enter, are reviewed and summarized for quick figuration of status on the file.
Child Support Withholding
The process of withholding amounts from an employee’s compensation to satisfy a child support order from a court or a state child welfare administrative agency. The employer is responsible for withholding the amounts and paying them over to the party named in the withholding order.
IRS Publication 15, Employers Tax Guide. This publication contains the basic rules, guidelines and instructions for withholding, depositing, reporting and paying federal employment taxes.
A corporation that elects in its articles of incorporation to be registered under the close corporation statutes of their state of incorporation. Some state close corporation statutes provide for a maximum number of shareholders. In addition, close corporation statutes may eliminate or limit the powers of the board of directors, prescribe preemptive rights to the shareholders or relax the corporate formalities. Exact specifications vary by jurisdiction. Not all state statutes provide for a close corporation provision.
Loan which funds have already been disbursed, documentation has been received and reviewed.
As it relates to products, programs, software or applications, closed source generally means the product is proprietary – meaning it’s copyrighted and available for a fee, and users have limited, if any, access to source code. Examples of proprietary software include Microsoft Windows, Adobe Photoshop, iTunes and WinZip.
Closely Held Corporation
A closely held corporation is any corporation in which the stock is held by a relatively small group of people or entities. Stock of a closely held corporation is not publicly traded on any stock exchange.
This term may come up in conversation with your custom website designer. CMS is the acronym for Content Management System. In its most basic form, it’s a management system that provides an easy way to add content to your website, while the CMS application handles all back-end issues. Popular examples of CMS’s include WordPress, Druple, Joomla and DotNetNuke.
Consolidated Omnibus Budget Reconciliation Act of 1985 Federal law that requires employers with group health care coverage to offer continued coverage to separated employees and other qualifying beneficiaries.
ColdFusion is a web development platform from Adobe for creating dynamic websites and applications. ColdFusion markup language (CFML) is the associated scripting language for creating ColdFusion websites. For more information, see Scripting Language.
Property of the borrower that is used to secure the repayment of a loan to the lender.
Commercial Automobile Insurance
Provides coverage if the business has vehicles titled in the name of the business or employees driving their vehicle while working (sales person driving their own car etc).
Commingling, is the sharing and pooling of personal and corporate assets. For example, rather than maintain separate corporate and personal bank accounts, you choose to use one account for personal and corporate purposes. This is considered commingling and an easy way to become personally liable for corporate acts.
A class of shares that has no special features and possesses no greater rights than any other shares.
All cash and noncash remuneration given to an employee for services performed for an employer.
As used throughout the Compliance WatchSM suite of services, this term refers to a level of completion of a legal entity’s responsibilities to maintain the formalities of corporate existence under the laws of the jurisdiction in which it is formed. The term is not intended to mean or imply conformity with all of the federal and state regulatory or tax requirements which may exist for operating your business.
A consent resolution is any resolution signed by all of the directors or shareholders, which authorizes a particular action. This act eliminates the need for face-to-face meetings of directors and shareholders.
A consent resolution is any resolution signed by all of the directors or shareholders, which authorizes a particular action. This act eliminates the need for face-to-face meetings of directors and shareholders.
Relating to forming an incorporation in the state of Illinois. (1) Something of value, such as money or personal services, given by one party to another in exchange for an act or promise. For example, amount paid for stock in a corporation. (2) Something promised, given, or done that has the effect of making an agreement a legally enforceable contract.
The statutory combination of two or more corporations to create a new corporation.
A party to a transaction; a corporation involved in a merger, consolidation or share exchange.
An IRS rule that considers wages to have been paid to an employee when the employee has access to the wages without substantial limitations or restrictions.
Contract creditors are people or businesses which you owe money or property to because of a written or verbal contractual agreement. If you buy 30 widgets from Widget World, Widget World becomes a contract creditor.
A security that may be exchanged by the holder for another type of security.
See Articles of Incorporation.
A word or an abbreviation of a word that must be included in a corporation’s name to indicate that the named entity is a corporation. Valid corporate indicators include: incorporated, corporation, limited, company, inc., corp., ltd. and co. The list of acceptable corporate indicators will vary depending upon the jurisdiction in which the corporation is registered.
Corporate kits provided by The Company Corporation include sample minutes and bylaws, stock certificates, a corporate seal and stock ledger.” to “Corporate kits provided by The Company Corporation include sample minutes and bylaws, a desk embosser, stock certificates, a corporate seal and stock ledger.
A corporate seal is a device made to either emboss or imprint certain company information onto documents. This information usually includes the company’s name and date and state of formation. Corporate seals are often required when opening corporate or LLC bank accounts, distributing stock or membership certificates or conducting other corporate business. The Company Corporation includes custom-made corporate seals as part of the Corporate Kit.
An artificial entity created under and governed by the laws of the state of incorporation.
The statutory provisions of a state relating to domestic and foreign corporations.
Plastic card with a magnetic strip that substitutes for cash or check and accrues interest.
Credit Card Terminal
Device that performs transaction with a debit or credit card.
Record of an individual or company’s past borrowing and repayment.
Number that is derived from a person’s credit files to show is the person is worthy to borrow.
The loss of money is usually excluded under standard property policies. Losses involving employee dishonesty can also be restricted.
A procedure used for electing directors in which shareholders are entitled to multiply the number of votes they are entitled to cast by the number of directors for whom they are entitled to vote and cast the product for a single candidate or distribute the product among two or more candidates.
Ratio that measures liquidity in the form of current assets divided by current liabilities.
Card security code/card verification code is a security feature on debit and credit cards.
Data Breach Coverage (Cyber Liability)
Provides coverage for unauthorized access to nonpublic information or data. Coverage can be written to provide for the cost of recovery of the data, notifications to the individual whose information was compromised and even ongoing credit monitoring. A covered breach can occur at a website/system or from a paper file. Most breaches occur from acts of employees which are covered with cyber insurance.
Data Breach Insurance
Insurance that provides coverage related to the release of secure information to an unsafe environment.
Process where information is collected, formatted and stored in a computer’s memory.
A secure location where we house all web servers and anything pertaining to our network infrastructure. Our Tier 1 Datacenter is strategically located in Scottsdale, AZ, where the threat for impact from natural disasters is extremely low.
Doing business as; see Fictitious Name.
A long-term debt issued mainly to evidence an unsecured corporate debt.
Bank card which is used in conjunction with a customer’s checking account for cash transactions.
What a person or company owes.
A method of raising capital in which a corporation borrows money.
The amount an insured person has to pay for health care before his or her health-insurance begins paying.
An amount subtracted from an employee’s gross pay to reach net pay or an amount allowed to taxpayers as an offset against income.
Occurs when the debtor cannot fulfill the legal obligations stated in the contract; failure to pay back a loan.
In general, the postponement of a wage payment to future dates. Usually describes a portion of wages set aside by an employer for an employee and put into a retirement plan on a pretax basis.
Defined Benefit Plan
A retirement plan that uses a formula (generally based on an employee’s salary and length of service) to calculate an employee’s retirement benefits. It is not funded by employee contributions to the plan.
Defined Contribution Plan
A retirement plan with benefits determined by the amount in an employee’s account at the time of retirement. The account may be funded by contributions from both the employer and the employee.
Status of a borrower who fails to pay debt or financial obligation
Dependent Group-Term Life Insurance
Term life insurance that gives an employee death benefits should the employee’s spouse or other dependents die.
Dependent Care Assistance Program (Dep Care)
An employer plan providing dependent care services or reimbursement for such services.
A lawsuit brought by a shareholder on behalf of a corporation to protect the corporation from wrongs committed against it.
The individuals who, acting as a group known as the board of directors, manage the business and affairs of a corporation.
Directors and Officers
Insurance for suits against directors and officers for management decisions that hurt the value of the business. Financial institutions and public companies all purchase this. It helps them attract qualified directors which could help grow the business.
A discount rate includes a number of fees and assessments merchants are required to pay for accepting credit and debit cards.
That part of an employee’s earnings remaining after deductions required by law (e.g. taxes). It is used to determine the amount of an employee’s pay that is subject to a garnishment.
A right granted to shareholders that entitles them to have their shares appraised and purchased by the corporation if the corporation enters into certain transactions that the shareholders do not approve of.
The statutory procedure that terminates the existence of a domestic corporation.
A transfer of money or other property made by a corporation to a shareholder in respect of the corporation’s shares.
A distribution of a corporation’s earnings to its shareholders.
A domain pointer essentially “points” website visitors to a website. Using multiple domain pointers means having multiple domain names go to the same site. For example, an author might have several books with unique domain names all pointing to one main author page.
When a corporation must pay taxes on its earnings and individual shareholders must also pay taxes on any dividends that are distributed.
How long a business will be recognized as a corporate entity. A company with a perpetual duration will last forever unless the state dissolves the company. A 30-year duration means that the company will automatically dissolve on it’s 30th anniversary of existence.
A dynamic website is one that has the ability to constantly update or change based on how the user interacts with it. An example would be Facebook or a blog. In either case, you are able to create posts or leave comments on the website without re-publishing the entire website. The new data you input is fed into a database then updated to the site.
Early Termination Fee
Charge that occurs when one party breaks the term of agreement or contract.
Earned Income Credit (EIC)
Payments of earned income credit during the year to employees who expect to be eligible for the credit. Employers make the payments out of Federal Income, Social Security and Medicare taxes withheld from the employee’s wages.
Simply said, Ecommerce is the practice of buying or selling products and services online. Short for Electronic Commerce.
Buying and selling over electronic systems such as the Internet and other computer networks.
The amount of pretax dollars an employee chooses to have the employer contribute to a qualified deferred compensation plan ( 401K) on the employee’s behalf, also known as pretax contributions or employer contributions.
Electronic Data Processing Equipment
An Electronic Data Processing (EDP) equipment endorsement adds coverage to your property policy for mechanical breakdown of computer equipment.
Electronic Federal Tax Payment System (EFTPS)
System that allows employers to make federal tax deposits electronically through the ACH network.
Electronic Funds Transfer (EFT)
The transfer of money electronically from an account in one financial institution to an account in another financial institution (e.g. direct deposit).
Electronic Funds Transfer (EFT)
The transfer of money electronically from an account in one financial institution to an account in another financial institution (direct deposit).
Employee Benefits Liability
Employee Benefits Liability coverage applies to errors and omissions in the administration of employee benefit plans. Say for example your company accidentally fails to enroll an employee in the medical insurance program, leaving substantial medical bills uninsured following an illness.
An individual or organization that hires individuals to perform services in return for compensation, and that has the authority to control and direct the work of those individuals as part of the employer/employee relationship.
Employer Identification Number (EIN)
Usually refers to state ID number (FEIN refers to Federal ID Number).
An employment agreement is a contract between your corporation and an employee. These agreements can be written or verbal; although all employment agreements should be in writing. Employers are more likely to have employment agreements with key employees. The terms and conditions of an employment agreement should be consistent with statutes, articles, bylaws, and any existing shareholder agreements.
Employment Practices Liability
Provides protection for suits by employees for improper termination, discrimination, harassment etc.
Employment Practices Liability
Provides protection for suits by employees for improper termination, discrimination, harassment etc.
Environmental Impairment Liability
Environmental impairment liability is a specialized policy covering bodily injury and property damage liability resulting from a pollution incident.
An ownership interest; the interest of a shareholder as distinguished from that of a creditor.
Loan where the lender shares in the increase of equity in the business.
See Early Termination Fee.
The amount of an employee’s deferred compensation that exceeds the IRS annual contribution limit.
While this term can refer to anyone not covered as an employee under a certain law, it generally means those employees who are exempt from the minimum wage, overtime pay and certain record keeping requirements of the Federal Wage-Hour Law.
For US payroll purposes – a US citizen or resident alien who lives and works outside the US.
In the context of unemployment compensation, it is the employer’s past record of unemployment claims activity. This past record can then be used to determine the employer’s unemployment tax rate (e.g. the higher the turnover rate, the higher the tax rate).
Extra expense coverage covers expenses over normal operating costs incurred to remain in operation following a covered property loss.
Federal Insurance Contribution Act (FICA)
It also describes the combined taxes levied for Social Security and Medicare.
Federal Unemployment Tax Act (FUTA)
Requires employers to pay a certain percentage of their employee’s wages (up to a maximum wage limit – currently $7000.00) as a payroll tax to help fund unemployment compensation benefits for separated employees.
Federal Employer Identification Number.
A name other than the true name, under which a corporation or other business organization conducts business. Also referred to as an assumed name, a trade name or “doing business as” (d/b/a).
A fiduciary liability policy covers the liability of a person who acts as a fiduciary for his or her company’s Employee Benefit Plans. The Employee Retirement Income Security Act (ERISA) imposes fiduciary responsibilities upon the employers for the administration of such plans. A fiduciary can be held personally liable for shortages in the benefit plan’s assets resulting from a breach of fiduciary duty, such as improper investment of funds.
A relationship in which one party (the fiduciary) must act in good faith and with due regard to the best interests of the other party or parties.
Fine Arts Coverage
Sometimes coverage is specifically endorsed for valuable paintings, statuary, and other art objects on the property. An appraisal may be required to establish an object’s value.
Fixed Interest Rate
Interest rate this is locked in and does not change over the life of the loan.
Flexible Spending Arrangement (FSA)
An arrangement that allows an employee to have pretax dollars deducted from wages and put into an account to pay for health insurance deductibles, copayments and dependent care assistance.
Force Placed Insurance
A borrower is required to have Insurance in force on loan collateral and if they fail to provide evidence of insurance coverage, a “Force Placed Insurance Policy” allows the financial institution/lender to “force place” the insurance and bill the borrower for the premium. For instance, if someone pledges a house as collateral and it burns down and the owner does not have a homeowners policy in place, a force placed policy will protect the financial institutions interest in the loan.
A term applied to a corporation doing business in a state other than its state of incorporation.
Ownership in a corporation in an amount less than a full share.
A tax or fee usually levied annually upon a corporation, limited liability company or similar business entity for the right to exist or do business in a particular state. Failure to pay the franchise tax or similar fees may result in the administration dissolution of the company and forfeiture of the charter.
Compensation other than wages provided to an employee, such as health and life insurance, vacations, employer-provided vehicles, public transportation subsidies, etc., that may be taxable or non taxable.
The date when funds are delivered to the borrower from the lender.
A legal proceeding authorizing an involuntary transfer of an employee’s wages to a creditor to satisfy a debt.
See Payment Gateway.
Protects a business if one or more employees or products/service sold causes injury to a non employee or their property. This coverage will include legal fees that result from claims
Monetary equivalent for a certain store or product that is used in the form of money for that retailer, service or product.
The process by which a corporation first sells its shares to the public.
A corporation is said to be in good standing when it has remained current with the necessary reports and fees required by the regulatory jurisdictions under which it operates.
Online payment processing service by Google where users store their card and shipping information.
Total wages paid to an employee before any deductions are taken.
An IRS approved formula that employers can use to determine the taxable gross payment when the employer wishes to pay the employee’s share of taxes.
Group Health Insurance
Provides medical, dental, life and disability insurance for the employees and their families. The business usually needs to have 2 employees to qualify as a group.
Group Term Life (GTL)
Term life insurance that is provided to employees, with the cost being borne by the employer, the employee or both
Agreement by an entity or person other than the borrower to repay the loan if the borrower does not pay
Since October 5, 1961, abolished the requirement of legalization for foreign public documents, and established a basic certification, of public documents, outside their country of origination. Member countries have adopted a standard of the authenticity of public documents, called an Apostille.
A takeover that occurs without the approval of the target corporation’s board of directors.
HTML stands for Hyper Text Markup Language and is the fundamental code that web browsers (like Internet Explorer or Firefox) look at in order to display a web page. For example, HTML tells the browser what colors to display, which items hyperlink to other web pages, and how the page is structured visually.
Merchant equipment that imprints embossed information from a bank card onto a sales draft.
The addition of the value of cash/non-cash compensation to an employee’s taxable wages in order to properly withhold income and employment taxes from wages.
The act of creating or organizing a corporation under the laws of a specific jurisdiction.
The person(s) who perform the act of incorporation and who sign the articles of incorporation and deliver them for filing.
Financial protection provided by a corporation to its directors, officers, and employees against expenses and liabilities incurred by them in lawsuits alleging that they breached some duty in their service to or on behalf of the corporation.
A non-employee contracted by a business to perform services. Although the business specifies the result of the work to be performed, it has no right to control the details of when, how, or who will ultimately perform the work.
Individual Retirement Arrangement (IRA)
A trust created or organized for the exclusive benefit of an individual on his or her beneficiaries.
Individual Taxpayer Identification Number
A tax reporting identification number issued to aliens of the US who cannot get a social security number but are required to file a tax or information return with the IRS.
Inland Transit Coverage
Inland transit coverage covers personal property while it is being transported to or from your location, usually by truck, railroad, or airplane.
Internal Revenue Code (IRC)
Federal tax laws.
The termination of a corporation’s legal existence pursuant to an administrative or judicial proceeding; dissolution forced upon a corporation rather than decided upon by the corporation.
Involuntary dissolution of a corporation by a court at the request of the state attorney general, a shareholder or a creditor.
Specific notary language citing, under oath, that a signature has been witnessed.
Kidnap and Ransom Insurance
A kidnap and ransom insurance policy is a specialty coverage and not really a liability policy. Kidnap and ransom insurance covers ransom payments and related expenses.
An attachment to satisfy a tax debt or a court judgment.
Financial claim against assets; amounts owed to creditors.
Provides funding to the business if a key employee were to die and leave a void in the business.
Limited Liability Company (LLC)
An artificial entity created under and governed by the laws of the jurisdiction in which it was formed. Limited liability companies are generally able to provide the limited personal liability of corporations and the pass-through taxation of partnerships or S Corporations.
A statutory form of partnership consisting of one or more general partners who manage the business and are liable for its debts, and one or more limited partners who invest in the business and have limited personal liability.
Limited Personal Liability
The protection generally afforded a corporate shareholder, limited partner or a member of a limited liability company from the debts of and claims against the company.
Quality of being readily convertible into cash.
Service offered by banks where payments are received in a post office box and the bank picks them up to process immediately.
Magnetic Media Reporting
Use of a computerized method of filing information with government agencies, such as magnetic tape, diskette, cartridge, or electronic filing from one computer to another.
Stores data on a credit or debit card by changing the magnetism.
More than 50 percent; commonly used as the percentage of votes required to approve certain corporate actions.
The board of directors and executive officers of a corporation, limited liability company or similar business entity.
The individuals who are responsible for the maintenance, administration and management of the affairs of a limited liability company (LLC). In most states, the managers serve a particular term and report to and serve at the discretion of the members. Specific duties of the managers may be detailed in the articles of organization or the operating agreement of the LLC. In some states, the members of an LLC may also serve as the managers.
A federal hospital insurance program for individuals age 65 or older and some disabled persons. It is funded through the hospital insurance (HI) component of FICA tax.
The owner(s) of a limited liability company (LLC). Unless the articles of organization or operating agreement provide otherwise, management of an LLC is vested in the members in proportion to their ownership interest in the company.
Evidence of ownership of and membership in a limited liability company.
Businessperson who trades commodities produced by others for profit.
Bank account of a merchant to receive proceeds from credit card purchases.
Merchant Cash Advance
A financing arrangement in which companies receive capital against their future credit card sales.
Merchant Category Code (MCC)
Merchant classification code that shows business type or processing type, authorization and settlement.
Number that identifies each individual business to the processing company.
The statutory combination of two or more corporations in which one of the corporations survives and the other corporations cease to exist.
The lowest amount that an employer can pay it’s employee’s per hour under federal or state law.
The corporate minutes are the written record of transactions taken or authorized by the board of directors or shareholders. These are usually kept in the corporate minute book in diary fashion.
MySQL is an open source database system that is widely used to store or feed information on a website. It is often used in conjunction with websites programmed in the PHP scripting language, although there are several other languages that work well with it.
The filing of a document in a foreign state to protect the corporate name, often in anticipation of qualification in the state.
A procedure that allows a corporation to obtain exclusive use of a corporate name for a specified period of time.
Loan agreement that restricts the borrower from specific actions unless agreed upon with the lender.
That part of an employee’s wages that remains after all deductions have been subtracted (taxes, health insurance premiums, union dues, etc…).
Network infrastructure is the hardware and systems we have in place that connect our hosted websites to the Internet, and also protect websites from malicious activity.
Refers to the measures we have in place to ensure extremely high levels of uptime for our customers. This includes redundancy at all key points so that if any part of the network experiences failure, a backup option is there to take over seamlessly.
New Hire Reporting
The reporting of newly hired and rehired employees to state agencies to facilitate the collection of child support and/or to uncover abuse in the state’s unemployment compensation, workers compensation, or public assistance programs.
Newtek Builder is an easy-to-use website building tool that empowers you to build your own site. No graphic/web design background necessary.
Newtek Cart is one of the most powerful, easy-to-use online shopping cart applications available. It’s completely customizable and can be branded to enhance the look and feel of your website. It’s also one of the most search-engine-friendly carts on the market, making it easier for your customers and potential customers to find you and your products and services.
NewtPay & NewtPay Pro
Low-cost, easily integrated credit card processing solutions designed specifically for small businesses. Both programs serve as popular merchant solutions with flexible rates, accelerated approval and quick access to transaction funds.
NewtPay & NewtPay Pro
Credit card processing solutions of The Small Business Authority, powered by Newtek.
No Par Value Shares
Shares for which the articles of incorporation do not fix a par value and that may be issued for any consideration determined by the board of directors.
Noncash Fringe Benefits
Benefits provided to employees in some form other than cash (company car, health and life insurance, parking…) which may be taxable or nontaxable.
Employees who are covered by the minimum wage and overtime provisions of the Fair Labor Standards Act (FLSA).
Non-Owned Aircraft Liability
Non-owned aircraft liability insurance covers suits against your company arising out of the use of non-owned aircraft on company business.
Non-Owned and Hired Automobile Liability
If your company does not own autos, you should have the non-owned and hired automobile liability endorsement added to your general liability policy. This endorsement adds coverage for suits against your company resulting from the use of hired or non-owned vehicles by employees.
In the context of employee benefits, an employer plan that does not meet IRS qualification requirements.
A not-for-profit corporation is generally organized for some socially beneficial purpose, rather than for the direct monetary benefit of the directors or members. Not all not-for-profit corporations are tax exempt and some make a profit. However, the profit is not distributed to the members or directors. Also known as a non-profit corporation.
Notice of Litigation
See Notice of Service of Process
Notice of Service of Process
Official notification of an action or proceeding by the delivery of a legal or court document, with a request to answer in a specific period of time.
Old Age Survivors and Disability Insurance (aka Social Security).
Any party with an obligation to discharge (also known as a borrower.)
Ocean cargo covers personal property while ocean-going ships, barges, etc. are transporting it, but could also cover property being carried by airplane from one continent to another. Ocean cargo can also be broadened to include all forms of transit such as trucking and railroad.
Individuals appointed by the board of directors who are responsible for carrying out the board’s policies and for making day-to-day decisions.
This term relates to the collaborative way in which software, programs and/or applications have been developed. The end product’s source code is accessible to anyone and is generally offered “as-is,” and free (though “open source” does not mean “free”). In other words, the source of the application is open to the community, often times for the purpose of collaboration. Some of the more popular open source applications include FileZilla, LimeWire and Open Office.
A contract among the members of a limited liability company governing the membership, management, operation and distribution of income of the company.
Meetings of incorporators or initial directors that are held after the filing of the articles of incorporation to complete the organization of the corporation.
The person(s) who perform the act of forming a limited liability company.
Hours worked in excess of maximums set by federal or state law that must be compensated at a premium rate of pay (under the FLSA, all hours worked over 40 in a workweek must be paid at no less than 1.5 times the employee’s regular rate of pay).
Owners and Contractors Protective Liability (OCP)
OCP policies are written in connection with construction projects. The property owner or general contractor is usually the insured. This policy is not intended to cover the contractor’s liability for their own work (contractors purchase policies for own liability).
P: Payment A: Application D: Data S: Security S: Standard Whereas PCI Compliance is the merchant’s responsibility, PA DSS holds those who develop software that participates in the storage or transfer of credit card data accountable. Essentially, it’s another measure to ensure consumer protection. In other words, be sure to check that your shopping cart application is in fact PA DSS compliant. This regulation took effect on July 1, 2010.
A minimum price of a share below which the share cannot be issued, as designated in the articles of incorporation.
A corporation that owns a controlling interest in another corporation.
Participating Depository Financial Institution (PDFI)
A financial institution that can accept direct deposits and transmit or receive entries.
A business organization in which two or more persons agree to do business together.
Rather than tax the income of the entity, taxation is “passed through” to the individual shareholders in S Corporations (and LLCs). Income or losses are declared on their individual tax returns.
In a retail store (e.g., a department store) when a customer uses their credit card the salesperson swipes the card through a credit card terminal. When a purchase is made online, they pay through a secured online portal, also know as a payment gateway. A payment gateway provides the back-end infrastructure to complete any online transaction.
Ecommerce service that authorizes and protects payments for e-business, online retailers and traditional brick and mortar.
Service provider of ecommerce services that allow payments and money transfers online.
The period of service for which an employer pays wages to its employees (this is not the check date).
PCI Compliance PCI (Payment Card Industry)
Compliance means a service provider has taken necessary steps to ensure that personal information, particularly any and all personal information attributed to credit card holders, is kept safe and secure. These steps include using compliant shopping carts, having quarterly scans by registered scanning vendors, and more. All members of the payment card industry must comply with these standards, including credit card companies, financial institutions and any credit card-accepting merchant. So basically, if you’re going to sell products or services online, this is a must have. Learn more here.
Per transaction fees
Fees associated with credit and/or debit transactions.
Percentage Method of Withholding
One allowable method for calculating federal income tax withholding from an employee’s wages, most often used when the calculation is automated.
A lender that finances real estate projects after construction is finished (also called end lender.)
Unlimited term of existence; characteristics of most business corporations.
PHP is one of many scripting languages a web developer can use to create dynamic websites. For more information, see Scripting Language.
Piercing the Corporate Veil
Piercing the corporate veil is a legal theory sometimes used to impose personal liability on shareholders, officers, and directors for corporate acts. This theory permits a court to disregard the separate identity of the corporation.
Many property policies limit coverage for the cleanup of pollutants released in a covered property loss, for example, if your chemicals or other substances are spread by water used to put out a fire.
Customers have the option of receiving and storing e-mail in one of two ways: through POP3 or IMAP technology. There are distinct advantages to both and we offer our customers a choice. Feel free to ask an NWS agent to describe the differences and advantages of each. POP3: Downloads e-mail messages from the server onto a user’s PC through an email client, like Outlook, then deletes the messages from the server. This saves disk space on the server because if a user checks their mail regularly, e-mail messages do not accumulate on the server. IMAP: Short for Internet Message Access Protocol, IMAP provides users the ability to access email from different computers and locations. Copies of e-mail message are kept on the server, even if a user views their messages on an email client like Outlook. Because a copy of e-mail messages are kept on the server, IMAP requires manual maintenance and periodic purging of messages to prevent running out of allotted disk space on the server.
Whereas SEO produces organic search engine results, PPC (Pay-Per-Click) is a paid placement practice that helps generate top-of-the-page results. One popular outlet for PPC campaigns is Google AdWords.
A deduction taken from gross pay that reduces taxable wages.
The right of a shareholder to subscribe ratably for his or her proportion of any additional shares issued by a corporation.
A class of shares that entitles the holders to preferences over the holders of common shares, usually with regard to dividends and distributions of assets upon dissolution or liquidation.
In a payroll context, it can have two meanings. It can be the extra pay above an employee’s regular rate of pay that is paid for working overtime hours. Or, it can be a special pay rate for work done on weekends, holidays, during undesirable shifts or for doing dangerous work.
Reference interest rate used by banks to favored customers.
The original amount of debt without interest.
A corporation whose purposes are limited to professional services, such as those performed by doctors, dentists and attorneys. A professional corporation is formed under special state laws that stipulate exactly which professionals are required to incorporate under this status.
Provides protection if the business is sued for failure to perform their responsibility properly. This is appropriate for businesses that perform a professional service. Such as doctors, lawyers, realtors, hair stylists, appraisers, insurance agents, consultants etc. This is also known as Errors and Omissions.
A written note of promise to pay from the borrower to the lender.
A promoter, in a corporation context, is one who generates interest and activity in and on behalf of a corporation before its formation. A promoter is usually personally liable for all pre-incorporation activities.
Protects businesses property from fire, theft, wind damage and many other causes of loss. Coverage can be added for loss of profits or extra expense to set up temporary operation because of a loss.
A written authorization given by a person to another party directing the party to vote on behalf of him/her.
The filing of required documents by a corporation to secure a certificate of authority to conduct its business in a state other than the one in which it was incorporated. Limited liability companies or similar business entities may also conduct this process.
A benefit plan that meets IRS qualification requirements for tax-favored treatment.
The percentage or proportion of voting shares required to be represented in person or by proxy to constitute a valid shareholders meeting, or the number of directors required to be present for a valid meeting of the board.
Amount due from individuals and companies.
Receiving Depository Financial Institution (RDFI)
A financial institution that qualifies to receive direct deposit entries from an Automated Clearing House (ACH).
In payroll, a relationship between states under which privileges granted by one are returned by the other (reciprocal enforcement of child support orders, reciprocal agreements not to tax nonresidents working in a state).
The process of ensuring that amounts withheld, deposited, paid and reported by employers agree with each other and that if they do not, determining the reasons and making the necessary corrections.
The date for determining the shareholders entitled to vote at a meeting, receive dividends, or participate in any corporate action.
Shares subject to purchase by the corporation on terms set forth in the articles of incorporation.
A person or entity designated to receive important tax and legal documents on behalf of the corporation. The Registered Agent must be located and available at a legal address within the specified jurisdiction at all times. Failure to maintain a Registered Agent in the jurisdiction in which the corporation is registered, may result in the forfeiture of the corporate status. Also known as a Resident Agent.
The statutory address of a corporation. In states requiring the appointment of a Registered Agent, it is usually the address of the Registered Agent.
Regular Rate of Pay
An hourly pay rate determined by dividing the total regular pay actually earned for the workweek by the total number of hours worked
Regulations are administrative rules which have the force and effect of laws. Government agencies promulgate rules. If you don’t comply, you are subject to the possibility of fines or revocation of the corporate charter.
Returning a corporation that has been administratively dissolved or had its certificate of authority revoked, to good standing on a state’s records.
Some auto insurers offer an endorsement that extends the auto liability coverage to include liability assumed under car rental agreements.
A formal statement of any item of business that has been voted upon.
Restated Articles of Incorporation
A document that combines all currently operative provisions of a corporation’s articles of incorporation and amendments thereto.
Revised Model Business Corporation Act
A model corporation statute compiled by the American Bar Association that has been adopted in whole or in part by, or has influenced the statutes of many states.
An individual retirement arrangement to which post-taxable contributions may be made up to $5000.00 annually. (Could be more for employees over 50) and the distribution of which are nontaxable.
A corporation granted a special tax status as specified under the Internal Revenue Code. The code is very explicit on how and when this election is made and the number of shareholders this type of corporation can have. Since this type of corporation pays no income tax, all gains and losses of the corporation pass through to the individual shareholders in proportion to their holdings.
Loan program backed by the U.S. Small Business Administration that provides financing for purchase of fixed assets, such as real estate, at below market rates.
Loan program backed by the U.S. Small Business Administration that provides financial help, with special requirements, for small businesses.
A form used to represent ownership of fractional shares in lieu of issuing share certificates.
A scripting language is a programming language that enables web developers to control the functionality of a website or application. There are many different scripting languages that are commonly used for creating dynamic websites. Often, a web developer will specialize in one or two scripting languages, but it is common for developers to have experience working with several languages. Different scripting languages have different strengths and weaknesses, and sometimes a language is more appropriate to use in some projects over others.
State and federal laws that govern the issuance, sale and transfer of stocks and bonds.
A contract between a business and an investor whereby the investor supplies money and experts to profit from his or her investment.
SEO stands for Search Engine Optimization. It’s the process of optimizing web content to work with search engines, with the goal of appearing as close to the top of search results as possible to increase website traffic. Well-done SEO prevents your website from becoming a hard-to-find needle in a haystack.
Service of Process
See Notice of Service of Process
A payment offered by some employers to terminated employees (usually those who are terminated through no fault of their own) that is designed to tide them over until new employment is secured.
The unit into which the ownership interest in a corporation is divided.
A statutory form of business combination in which some or all of the shares of one corporation are exchanged for some or all of the shares of another corporation and neither corporation ceases to exist.
Shareholders are the owners of a corporation based on their holdings. They own an interest in the corporation rather than specific corporate property. Also known as stockholders.
Extra pay received by employees for working a less-than-desirable shift (evenings or late night).
See Online Shopping Cart.
The statutory merger of a subsidiary into its parent corporation in which shareholder approval is not required.
Simplified Employee Pension (SEP)
An Individual Retirement Arrangement (IRA) with special participation requirements that is available to certain small employers.
Social Security Number
An individual’s taxpayer Identification Number, it consists of nine digits (000-00-0000).
An unincorporated business with a sole owner in which the owner may be personally liable for business debts and claims against the business.
A shareholder meeting called so that the shareholders may act on the specific matters stated in the notice of the meeting.
An SSL Certificate provides a secure channel to conduct business over the Internet, guaranteeing that the data that crosses the network is safe and private. Most consumers will not buy products from a website lacking an SSL Certificate. Is visible as https: (versus http:) in the address bar of your browser or, more noticeably, by the lock that appears in the corner of a browser window. Some newer browsers and forms of SSL will display a green bar in the address bar of the browser.
Fee by provider for generating and mailing monthly statements of transactions.
A static web page is one that does not change or update until the web master manually changes the website code and republishes the website. A static website is ideal for a person or business that needs to place information online but doesn’t need to update that information very often.
Statutes are laws passed by the state legislature or U.S. Congress. Business corporation laws are statutes. Statutes often authorize an administrative agency to declare regulations which are used to supplement the statute. In the event of a conflict, statutes control over regulations.
Special groups of employees identified by law (full-time life insurance sales people, certain home workers) whose wages are not subject to Federal Withholding, but are subject to FICA/FUTA.
Stock represents ownership in a corporation. It may be represented by a certificate and can be common or preferred, voting or non-voting, redeemable, convertible, etc.. The classifications and special designations, if any, of the stock are set forth in the articles of incorporation.
Evidence of ownership of shares in a corporation. May also be referred to as a share certificate.
Stock Purchase Agreement
A stock purchase agreement is an agreement between the shareholders and the corporation. It provides a mechanism to regulate the transfer and sale of corporate stock. Often, a stock purchase agreement will provide a right of first refusal in favor of the corporation or remaining shareholders in the event of a proposed sale of stock by a shareholder. A stock purchase agreement can also provide for a purchase upon the death, disability, retirement, discharge, resignation, or bankruptcy of a shareholder.
Stockholders are the owners of a corporation based on their holdings. They own an interest in the corporation rather than specific corporate property. Also known as shareholders.
Stop-gap liability coverage is generally associated with workers compensation policies, but some insurers add it to the general liability policy. The stop-gap liability endorsement provides employer’s liability coverage for specified monopolistic states.
Persons who agree under specific conditions to purchase shares in a corporation.
The agreement executed by a subscriber.
A corporation that is either wholly owned or controlled through ownership of a majority of its voting shares, by another corporation or business entity.
Compensation received by employees other than their regular pay, such as bonuses, commissions and severance pay. Income tax may be withheld from such payments at a flat rate under certain circumstances.
Take Home Pay
The amount of pay that remains after all deductions have been taken.
A merger, acquisition or other change in the controlling interest of a corporation.
A corporation that is the focus of a takeover attempt.
Any organization that is determined by the Internal Revenue Service to be exempt from federal taxation of income. A tax-exempt may be required to operate exclusively for charitable, religious, literary, educational or similar types of purposes.
Taxable Wage Base
The maximum amount of employee compensation subject to social security, FUTA, and state unemployment insurance taxes.
Taxpayer Identification Number (TIN)
A social security number or employer identification number which serves as the taxpayer’s account number with the IRS.
Provided under attractive terms with 10-25 years amortization.
Third Party Sick Pay
Payments made by a third party, such as a state or private insurer to employees because of non-job related illness or injury.
Payment of 1.5 times an employee’s regular rate of pay for hours worked over 40 in a workweek, as required by the Federal Wage-Hour law (for non-exempt employees only).
A tort is any act or failure to act (if there was a duty to act) which causes harm or damage. Examples of torts include assault, battery, fraud, misrepresentation, defamation, libel, slander, invasion of privacy, and negligence. If there is a claim against your corporation, other than a claim by the government, it will likely be based in contract or tort.
A word or mark that distinctly indicates the ownership of a product or service, and that is legally reserved for the exclusive use of that owner.
Transaction Dispute Resolution
Process of resolving a dispute between parties regarding a transaction and negotiations.
Shares of a corporation reacquired by a corporation.
U.S. Small Business Administration
Provides support to small businesses nationwide by providing financial support, contracts, counseling and other forms of assistance.
Provides additional limits of coverage above the liability, automobile, and workers compensation.
A company that purchases shares of a corporation and arranges for their sale to the general public.
Process that large financial service providers use to assess the eligibility of customers for their services/products.
Utility Service Interruption
Utility service interruption covers the property damage and loss of income that can occur when your business is interrupted as a result of a property loss at one or more of the utilities (electrical, water, telecommunications, sewers, steam) that service your property.
A valuable papers endorsement provides coverage for the additional costs to research or restore damaged documents, drawings, or records.
Voluntary compensation adds coverage for categories of employment not subject to workers compensation laws, which vary from state to state.
Advance payments of unemployment tax that can reduce an employer’s state unemployment tax rate.
Action by shareholders, incorporators or initial directors to dissolve a corporation.
Voting or Pooling Agreement
A voting or pooling agreement is an agreement, preferably in writing, of two or more shareholders to vote their shares in a certain manner. The most common use of this agreement would be to pool voting strength for the election of directors.
Rights of shareholders to vote their shares pursuant to provisions of statutes, the articles of incorporation and the bylaws.
A voting trust is an agreement among the shareholders of the corporation. Under a voting trust, shareholders transfer their shares of stock to a trustee in exchange for voting trust certificates. The trustee votes the shares in the manner directed in the voting trust agreement. Voting trusts are often used to preserve control of the corporation.
A voluntary agreement by an employee to transfer portions of future wage payments.
An involuntary transfer of an employee’s wage payment to satisfy a debt.
Subtracting amounts from an employee’s wages for taxes, garnishments or levies and other deductions. These amounts are then paid to the government agency or other party to whom they are owed.
Shares that have been issued for a consideration less than the par or stated value of the shares.
Web analytics is the analysis of the traffic a particular website generates during some period of time. It’s a way to measure and benchmark various components of your website, your blog or anything else you may want to track on the Internet. Google Analytics is a widely known, free, open source application many use to track Internet results. With The Small Business Authority, every site has access to the traffic stats for their website, free of charge.
In order to publish your website on the Internet, you need to have a web host. Here’s a good analogy. Think of a web host as a living space. It can be broken up into the following categories: Shared environment web hosting: Just like it sounds, in shared hosting, you’re sharing the server with others. It’s the equivalent of apartment living with all utilities included – you’re afforded all of the amenities at a lower cost. Dedicated environment web hosting: With dedicated hosting, you have your very own server. It’s the equivalent of living in a single-family home. The cost is a bit higher than shared, but you get all of the amenities and the privacy.
Web server is a computer specifically designed to store website files on it so those files can be accessed via the Internet. As used here, web server refers to the hardware used to provide web hosting services to our customers. All websites are housed on servers in our Tier 1 Datacenter, which is protected by multiple layers of security.
The term webmail refers to a user’s ability to check their e-mail online through a web browser like Internet Explorer or Firefox. Some popular e-mail services that provide webmail access include Gmail, Yahoo! Mail, and Hotmail. With your website’s domain name, we also provide you the ability to access your webmail interface using your domain name. For example: http://mail.yourdomain.com.
Website Storage/Disk Space
The amount of space on a web server provided to store website files, which equates to the website content, images, animation, video or any other means of communication found on a website.
The discharging of a corporation’s liabilities and the distributing of its remaining assets to its shareholders in connection with its dissolution.
The statutory procedure whereby a foreign corporation obtains the consent of a state to terminate its authority to transact business there.
Workers’ Compensation Insurance
Provides medical payments and wage replacement for a worker injured on the job. The coverage is mandated and tracked by the state with fines if the coverage is not purchased
The basis for determining an employee’s regular rate of pay and overtime pay due under the Fair Labor Standards Act. It can be any consecutive 7-day (168 hour) period chosen by the employer.
Reduction in value as a recognition of other expenses.
XML stands for Extensible Markup Language and is a system for structuring documents electronically. It is essentially designed to store and transfer data. You may hear a web developer refer to XML when data needs to be exported or imported to or from a website.