Glossary

If you're getting ready to launch a new business, chances are you know your product or service and your market like the back of your hand. But the mechanics of forming a business entity-knowing the terminology-may be more difficult to understand.

To help you sort through the terminology, Harvard Business Services, Inc. has included a comprehensive glossary to help guide you. To use the glossary, match the first letter of the term you want to look up with the alphabet list below, and click on that letter.

Of course, our team of business formation professionals is standing by to help you make informed decisions if you need more information

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Beneficial Owners

 Those with an ownership interest in an entity; they benefit from the profits of the entity.

 

Board of Directors

 A group of directors, elected by a majority of the shareholders, that manage a corporation.

 

Bylaws

 The ground rules adopted by a corporation that help govern the main issues of its management and administration; bylaws normally contain provisions governing directors, officers, shareholders and meetings. Initial bylaws are usually adopted by the incorporator, or by the initial Directors at the Organizational Meeting.

 

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