Business/legal terminology

Owners of an LLC are commonly referred to as members. If a manager is hired to run the LLC, that person is often called a member-manager. While not as common, corporate titles can be assigned to members, such as President, Founder, Chief Financial Officer (CFO), or Chief Executive Officer (CEO). Read more on startingyourbusiness.com A … Read more

What is the difference between trade name and legal name? A legal name must be registered with a state government and includes a legal ending, such as an LLC or LLP, after the title. This is used in communicating with the government. A trade name is generally considered the name a business uses for advertising … Read more

The owners of a corporation are shareholders (also known as stockholders) who obtain interest in the business by purchasing shares of stock. Shareholders elect a board of directors, who are responsible for managing the corporation. Read more on www.nolo.com One of the first things a person needs to decide when deciding to launch a business … Read more

What is the owner of a pllc called? The owners of a PLLC are called members, and they have an operating agreement that governs how they work together and divide profits and losses. Many professionals start a PLLC because they want to separate their individual liability from their liability as a member of the business … Read more

What is the owner of a LLC called? If you own all or part of an LLC, you are known as a “”member.”” LLCs can have one member or many members. In some LLCs, the business is operated, or “”managed”” by its members. In other LLCs, there are at least some members who are not … Read more

Is Ltd the same as limited? Ltd. is a standard abbreviation for “”limited,”” a form of corporate structure available in countries including the U.K., Ireland, and Canada. The term appears as a suffix that follows the company name, indicating that it is a private limited company. Read more on www.investopedia.com Selecting the appropriate legal structure … Read more

What is an appointed registered agent? A registered agent is simply a person or entity appointed to accept service of process and official mail on your business’ behalf. You can appoint yourself, or in many states, you can appoint your business to be its own registered agent. Read more on www.score.org A registered agent must … Read more

Is there a difference between self-employed and sole proprietor? Yes, a sole proprietor is self-employed because they do not have an employer or work as an employee. Owning and operating your own business classifies you as a self-employed business owner. Read more on www.indeed.com It might be difficult to define yourself while establishing a business. … Read more