Glossary of Legal Terms

Business Law Terms

LLC (Limited Liability Company): A legal structure that combines the liability protection of a corporation with the tax benefits of a partnership.
Operating Agreement: A legal document outlining ownership structure and operational procedures of an LLC.
Partnership Agreement: A contract between partners detailing ownership, roles, responsibilities, and dispute resolution.
Business Formation: The legal process of creating a new business entity, such as an LLC, corporation, or partnership.
Dissolution: The process of legally closing or ending a business entity.
Compliance: Adhering to legal and regulatory standards set by federal, state, or local authorities.

Trademark: A recognizable sign, logo, or phrase legally registered to identify and protect a brand.
Copyright: Legal protection for original works of authorship, such as writing, art, or music.
Patent: Exclusive rights granted for an invention, providing legal protection against unauthorized use or sale.
Infringement: Unauthorized use of someone’s intellectual property, such as copying a trademark or copyrighted work.
Cease and Desist Letter: A legal notice demanding that someone stop engaging in allegedly illegal or infringing activity.
USPTO: The United States Patent and Trademark Office, responsible for registering trademarks and patents.

At-Will Employment: An employment relationship that can be terminated by either the employer or employee at any time without cause.
Non-Compete Agreement: A clause restricting an employee from working with competitors or starting a competing business for a specific time and area.
Discrimination: Unfair treatment of employees based on protected characteristics such as race, gender, age, or disability.
Harassment: Unwanted conduct related to a protected category that creates a hostile work environment.
Wrongful Termination: Unlawful firing of an employee for reasons such as retaliation, discrimination, or violation of contract terms.
FMLA (Family and Medical Leave Act): A federal law granting eligible employees unpaid, job-protected leave for specified family and medical reasons.

Will: A legal document specifying how a person's assets will be distributed after death.
Trust: A fiduciary arrangement allowing a third party (trustee) to manage assets on behalf of a beneficiary.
Power of Attorney: A legal document authorizing someone to act on another’s behalf in financial or legal matters.
Healthcare Directive: Also known as a living will, it outlines medical treatment preferences in case of incapacitation.
Executor: The person appointed to carry out the terms of a will.
Beneficiary: A person or entity entitled to receive assets from a will, trust, or insurance policy.

Probate: The court-supervised process of validating a will and distributing a deceased person’s assets.
Estate: All assets and liabilities owned by a person at the time of death.
Intestate: Dying without a valid will, resulting in asset distribution according to state laws.
Letters Testamentary: A legal document issued by a court giving an executor the authority to act on behalf of the estate.
Contested Will: A will that is legally challenged by heirs or interested parties.
Administrator: A court-appointed person responsible for managing the estate when there is no will.