Business Law Terms and Definitions

Liabilities Liabilities the debts owed by the business. The state of being financially obligated to creditors. Controllable expenses Those costs that can be managed by the owner and either incurred or not, depending on the owner's needs. Balance sheet Statement, which gives a picture of the business position at a given point in time. It shows what a business owns (assets) and what the business owes (liabilities). Collateral Assets pledged by the borrower to get a loan. Cigarette and Tobacco Taxes Taxes on these products are remitted by wholesalers to the Idaho State Tax Commission. Wholesale permit numbers are required. Accountant Accountant one whose work is keeping or examining accounts or business records. Equity Business owners investment in the company. Factoring A method of raising working capital by selling your business's accounts receivables to a bank at a discounted rate. The bank then manages and collects the money due. Breakeven analysis The point at which the business will neither make a profit nor lose money and where revenues equal expenses. Target market Target market the specific individuals that you have selected to sell to.

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	Did You Know?
	Every growing business faces issues that require the services of an experienced attorney. Every growing business faces issues that require the services of an experienced attorney. Issues such as stock-option plans, employee negotiations, state and federal tax rates and intellectual property rights all require a corporate lawyer experienced in representing start-up and emerging companies. And though such attorneys charge more than generalists do, the money you spend on experience will save you time, aggravation and money in the long run.