(A) Most commonly, the rules that are created to govern the internal working or actions of a corporation, which will typically include procedures for holding meetings, electing officers and the board of directors, duties and powers of the officers and are initially created by the founders of a corporation. (B) Rules and ordinances made by a corporation for its own government. … [Read more...]

Regulations, ordinances, or rules enacted by a private corporation for its own government A by law is a rule or law of a corporation, for its government, and is a legislative act, and the solemnities and sanction required by the charter must be observed. A resolution is not necessarily a by law though a by law may be in the form of a resolution Peck v. Elliott, 79 Fed. 10, 24 … [Read more...]

A special trust designed to reduce the overall estate tax liability by passing over one person who would normally be taxed. The most common is an AB trust. … [Read more...]

An act performed for the purpose of carrying out a business as opposed to a personal or non-business reason. The cost for activities that do not have a business purpose should not be legitimately paid by the business or reduced from its gross revenues for tax purposes. … [Read more...]

An ordinary purchaser. One who makes a purchase in good faith without the knowledge of other external factors, such as third party interests. … [Read more...]