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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Manager

An individual or entity chosen by the Members of an LLC to manage the daily operations of the LLC. A Manager can be, but does not have to be, a Member.

 

Managing Company

A separate company from the Operating Company that manages the assets of the Operating Company in return for a management fee.

 

Managing Member

A Member of an LLC that also serves as a Manager of the daily operations.

 

Member

An owner of an LLC; can be an individual or an entity.

 

Membership Certificate

Evidence of ownership or Membership Interest in an LLC provided to its Members.

 

Membership Interest

Ownership in an LLC.

 

Merger

The act of joining two separate, existing companies into one, surviving company that will conduct business into the future. The non-surviving company disappears.

 

Minimum Tax

The minimum franchise tax due in Delaware for Corporations is $75 for all Corporations with less than or equal to 5,000 shares, or with less than or equal to $75,000 in Assumed Capital.

 

Minutes

A record of the actions taken during a meeting of a Corporation’s board of directors or shareholders, normally maintained in the Corporate Record Book.

 

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