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com. law. A book used by merchants with their customers, in which an entry of goods sold and delivered to a customer is made. 2. It is kept by the buyer, and sent to the merchant whenever he wishes to purchase any. article. It ought to be a counterpart of the merchant's books, as far as regards the customer's account. 3. Among English bankers, the term pass-book is given to a … [Read more...] about PASS BOOK

A trust that requires no action by a trustee. … [Read more...] about PASSIVE TRUST

The administrative branch of the U.S. Department of Commerce that manages federal patent and trademark laws, examining and issuing all U.S. patents and trademarks. … [Read more...] about PATENT AND TRADEMARK OFFICE (PTO)

As opposed to C corporations, the ability to have income pass through sole proprietorships, partnerships, S-Corporations and other entities so that the income may be included in the income taxes of the owners of the business. This is as opposed to regular corporations which are taxed on profits and dividends received by shareholders are taxed on the shareholders' tax returns. … [Read more...] about PASS THROUGH TAXATION

A document issued by a country's government which identifies the bearer as a citizen of that country with the rights to leave and enter the country and which are granted to its other citizens. In international law. A document issued to a neutral merchant vessel, by her own government, during the progress of a war, and to be carried on the , voyage, containing a sufficient … [Read more...] about PASSPORT