Employment and Business Law Vocabulary

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This set of flashcards encompasses key vocabulary and definitions related to employment and business law, important for understanding legal and regulatory aspects in these fields.

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231 Terms

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Employment-at-will

Doctrine allowing termination by either party at any time without cause.

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Contract employment

Employment based on a written agreement with specific terms.

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Discrimination

Unfair treatment based on race, gender, religion, or other protected traits.

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Equal Employment Opportunity Commission (EEOC)

Federal agency enforcing anti-discrimination laws.

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Affirmative action

Policy encouraging hiring of underrepresented groups.

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Title VII (Civil Rights Act of 1964)

Prohibits employment discrimination.

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Americans with Disabilities Act (ADA)

Protects individuals with disabilities in the workplace.

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Age Discrimination in Employment Act (ADEA)

Protects workers 40 and older from discrimination.

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Occupational Safety and Health Administration (OSHA)

Regulates workplace safety.

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Minimum wage

Lowest legal hourly pay for workers.

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Overtime pay

Higher pay for hours worked beyond 40 per week.

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Fair Labor Standards Act (FLSA)

Law governing minimum wage, overtime, and child labor.

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Child labor laws

Regulations protecting minors in the workforce.

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Wrongful termination

Illegal dismissal of an employee.

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Harassment

Unwelcome conduct based on protected characteristics.

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Sexual harassment

Unwanted sexual advances or conduct in the workplace.

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Hostile work environment

Workplace made intimidating or offensive due to harassment.

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Retaliation

Punishment of an employee for reporting violations.

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Unemployment insurance

Government payments to unemployed workers.

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Workers’ compensation

Insurance providing wage replacement for job-related injuries.

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Non-compete agreement

Contract limiting post-employment competition.

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Confidentiality agreement

Contract to protect sensitive business information.

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Collective bargaining

Negotiation between employers and labor unions.

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Union

Organized group of workers protecting their interests.

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Strike

Work stoppage by employees to protest working conditions.

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Layoff

Termination due to lack of work or budget cuts.

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Constructive discharge

Resignation due to hostile work environment.

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Employee handbook

Document outlining workplace rules and policies.

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Background check

Review of a potential employee’s history.

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Drug testing

Screening workers for illegal substance use.

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Exempt employee

Employee not entitled to overtime pay.

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Non-exempt employee

Employee eligible for overtime pay.

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Employment application

Standard form for job seekers.

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Performance appraisal

Evaluation of employee job performance.

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Workplace ethics

Standards of behavior expected at work.

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Sole proprietorship

Business owned and operated by one person.

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Partnership

Business owned by two or more people sharing profits and liabilities.

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General partnership

All partners share responsibility and liability equally.

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Limited partnership (LP)

Includes general and limited partners; limited partners have restricted liability.

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Limited liability partnership (LLP)

Partners have liability protection from each other’s actions.

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Corporation

Legal entity separate from its owners, offering limited liability.

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C corporation

Standard corporation taxed separately from its owners.

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S corporation

Corporation with pass-through taxation to avoid double taxation.

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Limited liability company (LLC)

Offers limited liability and flexible tax treatment.

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Franchise

Business that operates under the name and system of an established brand.

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Joint venture

Temporary partnership for a specific project or purpose.

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Nonprofit organization

Entity operating for a social cause, not for profit.

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Cooperative (co-op)

Business owned and operated by a group of individuals for mutual benefit.

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Business entity

Legal structure under which a business operates.

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Articles of incorporation

Legal document filed to form a corporation.

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Operating agreement

Document outlining LLC structure and rules.

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Bylaws

Internal rules governing a corporation’s operations.

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Stockholder (shareholder)

Person who owns shares in a corporation.

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Board of directors

Group elected by shareholders to oversee corporate governance.

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Dividends

Profits distributed to shareholders.

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Double taxation

Corporate income is taxed, then dividends are taxed again.

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Pass-through taxation

Business income taxed only at the owner level.

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Registered agent

Person or entity designated to receive legal documents.

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Business license

Government-issued permit to operate a business.

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Employer Identification Number (EIN)

Tax ID number for businesses.

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Fictitious name (DBA)

“Doing Business As” name that differs from legal name.

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Business liability

Legal responsibility for business debts or actions.

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Capital contribution

Money or assets given to start or operate a business.

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Partnership agreement

Document outlining terms and duties in a partnership.

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Dissolution

Legal closure of a business or partnership.

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Merger

Two companies combine to form one.

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Acquisition

One company takes over another.

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Corporate veil

Legal distinction protecting owners from company liabilities.

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Professional corporation (PC)

Corporation for licensed professionals like doctors or lawyers.

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Closely held corporation

Corporation owned by a small group, often family-run.

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Corporate governance

System of rules and practices by which a corporation is directed and controlled.

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Corporate officer

Executives appointed to run day-to-day operations (e.g., CEO, CFO).

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President

Chief executive responsible for corporate operations.

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Vice president

Executive responsible for specific departments or functions.

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Treasurer

Officer in charge of financial management and reporting.

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Secretary

Officer responsible for corporate records and compliance with legal requirements.

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Corporate resolution

Formal decision made by a corporation’s board or shareholders.

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Corporate bylaws

Internal rules governing how a corporation operates.

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Corporate charter

Legal document that creates a corporation; also called articles of incorporation.

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Corporate seal

Embossed stamp used to authenticate official corporate documents.

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Quorum

Minimum number of members required to conduct official business.

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Proxy

Authorization for someone else to vote on a shareholder’s behalf.

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Fiduciary duty

Legal duty of loyalty and care owed by directors and officers to the corporation.

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Duty of loyalty

Obligation to act in the corporation’s best interest, avoiding conflicts of interest.

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Duty of care

Obligation to make informed and prudent decisions for the corporation.

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Business judgment rule

Protects directors from liability for decisions made in good faith.

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Corporate minutes

Written record of meetings and decisions made by the board or shareholders.

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Dividend

Portion of a corporation’s profits distributed to shareholders.

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Retained earnings

Profits not distributed as dividends, reinvested in the business.

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Stock certificate

Document showing ownership of shares in a corporation.

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Common stock

Basic form of corporate ownership with voting rights.

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Preferred stock

Shares with fixed dividends, often without voting rights.

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Stock split

Increase in the number of shares, reducing price per share, without changing value.

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Stock repurchase

Corporation buys back its own shares from the market.

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Initial public offering (IPO)

First sale of stock to the public by a private company.

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Securities

Financial instruments like stocks or bonds representing ownership or debt.

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Securities and Exchange Commission (SEC)

Federal agency regulating securities markets.

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Insider trading

Illegal trading based on non-public information.

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Derivative suit

Lawsuit by shareholders on behalf of the corporation.

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Corporate liability

Legal responsibility of a corporation for actions or debts.