Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Business
A commercial enterprise carried on for profit; a particular occupation or employment habitually engaged in for livelihood or gain.
Small Business Administration
A federal agency that assists and protects the interests of small businesses, often by making low-interest loans. - Abbr. SBA.
Small Business Investment Act
A federal law, originally enacted in 1958, under which investment companies may be formed and licensed to supply long-term equity capital to small businesses. ( The statute is implemented by the Small Business Administration. 15 USCA §§ 661 et seq.
agribusiness
the pursuit of agriculture as an occupation or profit-making enterprise, including labor, land-use planning, and financing the cost of land, equipment, and other necessary expenses.
business agent
1. See managing agent under AGENT. 2. A labor-union representative selected to deal with employers.
business associations
See BUSINESS ENTERPRISES.
business combination
1.The consolidation, for accounting purposes, of a corporation and one or more incorporated or unincorporated businesses. 2. The two entities considered as one entity for accounting purposes.
business compulsion
See economic duress under DURESS (1)
business corporation
A corporation formed to engage in commercial activity for profit. Cf nonprofit corporation.
business court
See COURT.
business cycle
The recurrent expansion and contraction of economic activity.
business day
A day that most institutions are open for business, usu. a day on which banks and major stock exchanges are open, excluding Saturdays and Sundays.
business enterprises
The field of law dealing with various forms of business, such as corporations, limited-liability companies, and partnerships. - Also termed business entities; business associations.
business entry
A writing admissible under the business-records exception. See BUSINESS-RECORDS EXCEPTION.
business expense
An expense incurred to operate and promote a business; esp., an expenditure made to further the business in the taxable year in which the expense is incurred. Most business expenses - unlike personal expenses - are tax-deductible.
business gain
See GAIN (2), (3)
business guest
See GUEST
business guest. Torts
See INVITEE.
business homestead
See HOMESTEAD
business homestead.
The premises on which a family's business is located. 0 In some states, business homesteads are exempt from execution or judicial sale for most kinds of debt.
business invitee
See INVITEE.
business loss
See ordinary loss under LOSS
business plan
A written proposal explaining a new business or business idea and usu. covering financial, marketing, and operational plan.
business record
A report, memoranddum or other record made usu. in the ordinary course of business. ( It may be ordered produced as part of discovery in a lawsuit.
business trust
A form of business organization, similar to a corporation, in which investors receive transferable certificates of beneficial interest (instead of stock shares). - Also termed Massachusetts trust; common-law trust. "The business trust was developed in Massachusetts from 1910 to 1925 to achieve limited liability and to avoid restrictions then existing there on a corporation's acquiring and developing real estate, by adoption of the trust device ...." Henry G. Henn & John R. Alexander, Laws of Corporations § 58, at 117 (3d ed. 1983).
business-entry rule
See BUSINESS-RECORDS EXCEPTION.
business-interruption insurance
An agreement to protect against one or more kinds of loss from the interruption of an ongoing business, such as a loss of profits while the business is shut down to repair fire damage.
business-judgment rule
Corporations. The presumption that in making business decision> not involving direct self-interest or self-dealin_. corporate directors act on an informed basis. n good faith, and in the honest belief that the actions are in the corporation's best interest. 4 The rule shields directors and officers from liability for unprofitable or harmful corpora(e transactions if the transactions were made in good faith, with due care, and within the directors' or officers' authority.
business-purpose doctrine
Tax. The principle that a transaction must serve a bona fide hu,iness purpose (i.e., not just for tax t t> dance) to qualify for beneficial tax treatment
business-records exception
Evidence. A hearsay exception allowing business records (such as reports or memoranda) to be admitted into evidence if they were prepared in the ordinary course of business. Fed. R. Evid. 803 (6) Also termed business-entry rule. business-risk exclusion . See EXCLUSION(3)
business-risk exclusion
An exclusion in some commercial general liability policies, excluding coverage for common risks of doing business, including harm to the insured's product or work, damages arising from a product recall, damages arising from the insured's failure to perform under a contract, or damages arising from a failure of the insured's product to perform as intended.
buyer in ordinary course of business
A person who in good faith and without knowledge that the sale violates a third party's ownership rights or security interest in the goods - buys from a person regularly engaged in the business of selling goods of that kind. Pawnbrokers are excluded from the definition. UCC § 1-201(9).
chamber business.
A judge's official business that is conducted outside the courtroom.
common business purpose
Related activity by two or more associated businesses. ( If one of the businesses comes within the jurisdiction of the Fair Labor Standards Act, then another business that shares a common business purpose will also.
continuity of business enterprise.
A doctrine covering acquisitive reorganizations whereby the acquiring corporation must continue the target corporation's historical business or must use a significant portion of the target's business assets in a new business to qualify the exchange as a tax-deferred transaction. continuity-of-enterprise doctrine. See SUBSTANTIAL-CONTINUITY DOCTRINE.V
course of business
The normal routine in managing a trade or business. - Also termed ordinary course of business; regular course of business; ordinary course; regular course.
doing business
The act of engaging in business activities; esp., a nonresident's participation in sufficient business activities in a foreign state to allow the state's courts to exercise personal jurisdiction over the nonresident. See DOINGBUSINESS STATUTE; LONG-ARM STATUTE; MINIMUM CONTACTS.
doing-business statute
A state law defining the acts that constitute undertaking business there, usu. for the purpose of establishing the circumstances under which the state's courts may exercise personal jurisdiction over a nonresident. See MINIMUM CONTACTS; LONG-ARM STATUTE.
lessee in the ordinary course of business
A person that, in good faith and without knowledge that the lease is in violation of a third party's ownership rights, security interest, or leasehold interest, leases in the ordinary course from a person in the business of selling or leasing goods of that kind. UCC § 2A-102(a)(26). ( The UCC specifically excludes pawnbrokers from the definition.
new-business rule.
The principle precluding an award of damages for lost profits to a business with no recent record of profitability, because the damages would be too speculative.
ordinary and necessary business expense
See ordinary and necessary expense under EXPENSE.
ordinary course of business
See COURSE OF BUSINESS.
patent issued within a year of the pending application's filing date. - interfere, ub. interference with a business relationship
See TORTIOUSINTERFERENCE WITH PROSPECTIVE ADVANTAGE.
place of business
A location at which one carries on a business. Cf. DOMICILE (2).
portable business
A law practice that an attorney can take from one firm or geographic location to another, with little loss in client relationships. - Also termed portable practice.
principal place of business
The place of a corporation's chief executive offices, which is typically viewed as the "nerve center."
regular course of business
See COURSE OF BUSINESS.
sale-of-business doctrine
The outmoded rule holding that the transfer of stock incident to the sale of a business does not constitute a transfer of securities. ( This doctrine was rejected by the U.S. Supreme Court in Landreth Timber Co. v. Landreth, 471 U.S. 681, 105 S.Ct. 2297 (1985), and its companion case, Gould v. Ruefenacht, 471 U.S. 701, 105 S.Ct. 2308 (1985).
small-business concern
A business qualifying for an exemption from freight undercharges because it is independently owned and operated and is not dominant in its field of operation, with limited numbers of employees and business volume. 15 USCA § 632. - Often shortened to small business.
small-business corporation
1 a corporation having 75 shareholders or less and otherwise satisfying the requirements of the Internal Revenue Code provisions permitting a subchapter S election. IRC (26 USCA) § 1361. See S corporation under CORPORATION. 2. A corporation receiving money for stock (as a contribution to capital and paid-in surplus) totaling not more than $1,000,000, and otherwise satisfying the requirements of the Internal Revenue Code section 1244(c) thereby enabling the shareholders to claim an ordinary loss on worthless stock. IRC (26 USCA) § 1244(c).