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Umbrella Organization

An association of organizations that work together for some specified purpose. The “Umbrella Organization” provides resources, and sometimes an identity, to the smaller organizations that they are...

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Unanimous Action and Resolution of Initial Director

The Initial Director or Directors need to sign a Unanimous Action and Resolution of Initial Director to appoint officers, authorize the opening of a bank account and issue stock. Without this the...

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United States Patent and Trademark Office

An office of the United States government that registers patents and trademarks. Applications for patents and trademarks are submitted to the USPTO. The examiner will either approve or reject them. The...

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U.S. Partnership Return

This is the form 1065 return required for a multi-member LLC which has not elected another tax status. It is an informational return in which the Partnership reports income but does not pay taxes. The...

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Winding Up

The process of ending a business. This typically involves selling the business’s assets, paying creditors, distributing the remainder to equity holders, and then dissolving the business. The post...

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Working Capital

The amount of capital/current assets that is available for use in company operations. Working Capital is calculated by subtracting current liabilities from current assets. The post Working Capital...

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Workmen’s Compensation Insurance

Insurance plans that compensate for the death or injury suffered by a worker while on the job. The post Workmen’s Compensation Insurance appeared first on IncNow.

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What is an Economic Interest?

An economic interest is an ownership share of an LLC that only entitles the holder to receive distributions. This is different than a membership share because an economic interest does not entitle the...

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What is an LLLP (Limited Liability Limited Partnership)?

The LLLP is a sub-set of the Limited Partnership, similar to a traditional Limited Partnership (LP) where the ownership is divided into two categories: Limited Partners (passive investors without...

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What Is a Statement of Organizer?

A statement of organizer is a document stating the initial members or managers of an LLC. In an LLC, when the company is formed, a Certificate of Formation is filed naming the authorized person....

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