Bylaws

Backup withholding is the mandatory withholding of income tax from payments such as interest, dividends, and other types of reportable income by payors like banks and businesses. This withholding occurs when the recipient fails to provide a Taxpayer Identification Number (TIN) or to certify that they are not subject to backup withholding, as directed by the IRS.

A portion or the entirety of an account, loan, or note receivable that is deemed uncollectible.

In accounting, balance refers to the equality between the sum of the debit and credit sides of an account. It is also used to describe the preparation and presentation of a balance sheet, which details an entity's assets, liabilities, and the equity of its owners at a specific date.

A process by which an accountant verifies the accuracy of a company's cash account in its general ledger against its bank statement, identifying any discrepancies to adjust the accounting records accordingly.

A periodic statement, typically issued monthly, by a bank to the account holder detailing all transactions that have occurred within the account. It includes the opening balance, deposits, withdrawals, fees, and the closing balance for the period.

A legal process governed by federal statute in which an insolvent debtor's assets are liquidated and managed by a court-appointed trustee to satisfy debts to the greatest extent possible.

The average market price of a group of securities at a given time.

The quantity of merchandise or goods that a company has available for sale at the start of an accounting period.

Property or assets left to an heir or a beneficiary under the terms of a will.

A measure of a stock's relative volatility, indicating how its price movements are related to the overall stock market. The beta coefficient is calculated as the covariance of the stock's returns with the market's returns, divided by the variance of the market's returns.

In trading, 'bid' refers to the highest price a buyer is willing to pay for a security, while 'asked' is the lowest price a seller is willing to accept. The difference between these two prices is known as the 'spread'.

State regulations designed to protect investors from securities fraud by governing the issuance and registration of securities, coordinated with federal securities laws.

A group of individuals elected by the shareholders of a corporation to oversee the management and affairs of the entity, ensuring that organizational activities align with established policies and objectives.

A bond is a type of long-term promissory note, issued as a security under federal or state laws, where the issuer borrows funds from the bondholder and agrees to pay back the principal amount at a specified maturity date, along with periodic interest payments.

The amount by which the selling price of a bond is less than its par value.

A legal contract associated with a bond issue that specifies the terms of the bond, including the rights, privileges, and obligations of the bondholders and the issuer.

An individual or entity that owns a bond issued by a government or corporation, possessing rights to receive interest payments and the return of principal as stipulated in the bond's terms.

The net amount that an asset or liability is recorded on the balance sheet, also known as the carrying value. It is calculated by deducting accumulated depreciation, amortization, or impairments from the original cost of the asset.

The process of systematically recording, organizing, and maintaining financial transactions and information for a business or individual.

In financial and tax contexts, 'boot' refers to any additional cash or property added to a transaction to balance the value of exchanged properties, typically in transactions that are otherwise nontaxable.

The final line in a financial statement that shows the net income or loss, reflecting the financial performance of a company over a specific period.

The financial point at which total revenues exactly equal total costs, resulting in no net loss or gain.

The number of units of a product that a company needs to sell to cover all its costs associated with producing those units, both direct and indirect. Selling beyond this point begins to generate profit.

A budget is a financial plan that serves as an estimate of future costs, revenues, or both, often detailed into specific categories like advertising, sales, or capital investments.

The burden rate is a calculation used to determine the overhead costs associated with a specific level of activity, such as labor or machine hours. This rate is typically expressed as a standard rate multiplied by the activity measure to allocate overhead costs accurately to specific tasks or projects.

Business combinations refer to the process where two or more entities are consolidated into one entity through various methods such as purchase or pooling of interests. In the purchase method, one entity acquires another and establishes a new accounting basis for the acquired entity's assets and liabilities. In pooling of interests, entities merge by exchanging common stock, and the carrying values of assets and liabilities remain unchanged.

A distinct part of a company that is authorized to operate under substantial control by its own management, often with separate financial and operational guidelines.

The purchase of a controlling interest in a company's stock, which enables the acquirer to take over its assets and operations. This can be effected through a leveraged buyout, where the purchase is made with borrowed money.