Glossary of Corporate Terms

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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General Partner

The partner in a limited partnership or general partnership that manages the daily business operations and therefore is responsible for the business debts. A general partner can be an individual or an entity.


Good Standing

The status of being current with all franchise taxes, filings, and registered agent services. To learn more or order a Certificate of Good Standing, please visit our Delaware Certificate of Good Standing page.


Governing Instrument

The private agreement created by a grantor of a trust that governs the operations of the trust and the rights and responsibilities of the trustees and beneficiaries.


Gross Assets

The sum total of all assets of an entity, before deducting any expenses or taxes.


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Since 1981, Harvard Business Services, Inc. has helped form 402,767 Delaware corporations and LLCs for people all over the world.

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