| A | B |
|---|
| assumed business name | A name other than its own by which a corporation or entity does business; also known as a fictitious name. |
| blue sky laws | State laws enacted to protect the public against securities and mutual fund fraud. |
| dba or aka | Doing business as or also known as. |
| dissolution | Termination; the process of dissolving or winding up a business. |
| dormant partner | Either known or unknown partner who takes no active part in the business. |
| EIN (IRS Form SS-4) | A nine-digit number that the IRS assigns to business entities; known as Employer Identification Number or Federal Tax Identification Number. |
| fiduciary | A person or institution who manages money or property of another and who must exercise a standard of care imposed by law. |
| general partnership | A partnership in which the parties carry on their trade or business for the joint benefit and profit of all parties. |
| joint and several liability | Liability arising from a contract or from a tort that applies to the responsible persons either separately (severally) or in combination (jointly), at the injured person's option. |
| joint venture | A legal entity in the nature of a partnership engaged in a joint undertaking of a commercial enterprise. |
| limited liability company (LLC) | A business entity that gives advantages of limited liability to equity owners and control persons. |
| limited liability limited partnership (LLLP) | A limited partnership which has elected to be treated as a limited liability partnership in addition to being a limited partnership. |
| limited liability partnership (LLP) | A limited partnership which has elected to be treated as a limited liability partnership. |
| limited partnership (LP) | A partnership consisting of one or more general partners who conduct the business and one or more special partners who contribute cash payments as capital and are not liable for the debts of the partnership. |
| Master Business Application | The form completed in the state of Washington to start a business. |
| merger | The fusion or absorption of one thing or right into another. |
| nominal partner | One whose name appears in connection with the business as a member of the firm but who has no real interest in the business. |
| partnership | A voluntary contract between two or more persons or entities to place their money, property, labor, and skill in lawful commerce or a business, and to have a proportional share in the profits and losses. |
| Secretary of State | An administrative officer responsible for certain governmental functions; where you file corporation and other types of documents. |
| sole proprietorship | A business owned and operated by a person who is solely responsible for its day-to-day operation. |
| UBI | Uniform Business Identifier (used in the state of Washington) |
| unincorporated association | An organization formed for a nonprofit purpose that has no existence apart from its members and cannot sue or be sued in its name. |
| winding up or winding down | Process of settling the accounts and liquidating the assets of a partnership or corporation, for the purpose of making distribution of net assets to shareholders or partners and dissolving the concern. |
