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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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Employment-at-will
Doctrine allowing termination by either party at any time without cause.
Contract employment
Employment based on a written agreement with specific terms.
Discrimination
Unfair treatment based on race, gender, religion, or other protected traits.
Equal Employment Opportunity Commission (EEOC)
Federal agency enforcing anti-discrimination laws.
Affirmative action
Policy encouraging hiring of underrepresented groups.
Title VII (Civil Rights Act of 1964)
Prohibits employment discrimination.
Americans with Disabilities Act (ADA)
Protects individuals with disabilities in the workplace.
Age Discrimination in Employment Act (ADEA)
Protects workers 40 and older from discrimination.
Occupational Safety and Health Administration (OSHA)
Regulates workplace safety.
Minimum wage
Lowest legal hourly pay for workers.
Overtime pay
Higher pay for hours worked beyond 40 per week.
Fair Labor Standards Act (FLSA)
Law governing minimum wage, overtime, and child labor.
Child labor laws
Regulations protecting minors in the workforce.
Wrongful termination
Illegal dismissal of an employee.
Harassment
Unwelcome conduct based on protected characteristics.
Sexual harassment
Unwanted sexual advances or conduct in the workplace.
Hostile work environment
Workplace made intimidating or offensive due to harassment.
Retaliation
Punishment of an employee for reporting violations.
Unemployment insurance
Government payments to unemployed workers.
Workers’ compensation
Insurance providing wage replacement for job-related injuries.
Non-compete agreement
Contract limiting post-employment competition.
Confidentiality agreement
Contract to protect sensitive business information.
Collective bargaining
Negotiation between employers and labor unions.
Union
Organized group of workers protecting their interests.
Strike
Work stoppage by employees to protest working conditions.
Layoff
Termination due to lack of work or budget cuts.
Constructive discharge
Resignation due to hostile work environment.
Employee handbook
Document outlining workplace rules and policies.
Background check
Review of a potential employee’s history.
Drug testing
Screening workers for illegal substance use.
Exempt employee
Employee not entitled to overtime pay.
Non-exempt employee
Employee eligible for overtime pay.
Employment application
Standard form for job seekers.
Performance appraisal
Evaluation of employee job performance.
Workplace ethics
Standards of behavior expected at work.
Sole proprietorship
Business owned and operated by one person.
Partnership
Business owned by two or more people sharing profits and liabilities.
General partnership
All partners share responsibility and liability equally.
Limited partnership (LP)
Includes general and limited partners; limited partners have restricted liability.
Limited liability partnership (LLP)
Partners have liability protection from each other’s actions.
Corporation
Legal entity separate from its owners, offering limited liability.
C corporation
Standard corporation taxed separately from its owners.
S corporation
Corporation with pass-through taxation to avoid double taxation.
Limited liability company (LLC)
Offers limited liability and flexible tax treatment.
Franchise
Business that operates under the name and system of an established brand.
Joint venture
Temporary partnership for a specific project or purpose.
Nonprofit organization
Entity operating for a social cause, not for profit.
Cooperative (co-op)
Business owned and operated by a group of individuals for mutual benefit.
Business entity
Legal structure under which a business operates.
Articles of incorporation
Legal document filed to form a corporation.
Operating agreement
Document outlining LLC structure and rules.
Bylaws
Internal rules governing a corporation’s operations.
Stockholder (shareholder)
Person who owns shares in a corporation.
Board of directors
Group elected by shareholders to oversee corporate governance.
Dividends
Profits distributed to shareholders.
Double taxation
Corporate income is taxed, then dividends are taxed again.
Pass-through taxation
Business income taxed only at the owner level.
Registered agent
Person or entity designated to receive legal documents.
Business license
Government-issued permit to operate a business.
Employer Identification Number (EIN)
Tax ID number for businesses.
Fictitious name (DBA)
“Doing Business As” name that differs from legal name.
Business liability
Legal responsibility for business debts or actions.
Capital contribution
Money or assets given to start or operate a business.
Partnership agreement
Document outlining terms and duties in a partnership.
Dissolution
Legal closure of a business or partnership.
Merger
Two companies combine to form one.
Acquisition
One company takes over another.
Corporate veil
Legal distinction protecting owners from company liabilities.
Professional corporation (PC)
Corporation for licensed professionals like doctors or lawyers.
Closely held corporation
Corporation owned by a small group, often family-run.
Corporate governance
System of rules and practices by which a corporation is directed and controlled.
Corporate officer
Executives appointed to run day-to-day operations (e.g., CEO, CFO).
President
Chief executive responsible for corporate operations.
Vice president
Executive responsible for specific departments or functions.
Treasurer
Officer in charge of financial management and reporting.
Secretary
Officer responsible for corporate records and compliance with legal requirements.
Corporate resolution
Formal decision made by a corporation’s board or shareholders.
Corporate bylaws
Internal rules governing how a corporation operates.
Corporate charter
Legal document that creates a corporation; also called articles of incorporation.
Corporate seal
Embossed stamp used to authenticate official corporate documents.
Quorum
Minimum number of members required to conduct official business.
Proxy
Authorization for someone else to vote on a shareholder’s behalf.
Fiduciary duty
Legal duty of loyalty and care owed by directors and officers to the corporation.
Duty of loyalty
Obligation to act in the corporation’s best interest, avoiding conflicts of interest.
Duty of care
Obligation to make informed and prudent decisions for the corporation.
Business judgment rule
Protects directors from liability for decisions made in good faith.
Corporate minutes
Written record of meetings and decisions made by the board or shareholders.
Dividend
Portion of a corporation’s profits distributed to shareholders.
Retained earnings
Profits not distributed as dividends, reinvested in the business.
Stock certificate
Document showing ownership of shares in a corporation.
Common stock
Basic form of corporate ownership with voting rights.
Preferred stock
Shares with fixed dividends, often without voting rights.
Stock split
Increase in the number of shares, reducing price per share, without changing value.
Stock repurchase
Corporation buys back its own shares from the market.
Initial public offering (IPO)
First sale of stock to the public by a private company.
Securities
Financial instruments like stocks or bonds representing ownership or debt.
Securities and Exchange Commission (SEC)
Federal agency regulating securities markets.
Insider trading
Illegal trading based on non-public information.
Derivative suit
Lawsuit by shareholders on behalf of the corporation.
Corporate liability
Legal responsibility of a corporation for actions or debts.