We get that law talk can sometimes be a head-scratcher. That’s why we made this handy word guide. It’s like a treasure map to help you find your way in the legal world.

Our expert legal team collected simple explanations for all those tricky words lawyers use. They want to make sure you get what’s going on with your case.

With this dictionary, you’ll be loaded up with the smarts you need to chat about law stuff and make smart choices. So, whether you just need a quick answer or want to dive deep, you’ll find it all right here!

  1. Asset Protection: Legal strategies and mechanisms designed to safeguard personal and business assets from potential risks and liabilities.
  2. Articles of Incorporation: A formal document filed with the state to create a corporation, outlining its structure and purpose.
  1. Business Entity: A legal structure, such as a corporation, LLC, or partnership, through which a business operates.
  2. Buy-Sell Agreement: A legally binding contract that outlines the terms and conditions for the sale or transfer of a business interest.
  1. Contract: A legally enforceable agreement between two or more parties that defines a business transaction’s rights, obligations, and terms.
  2. Corporate Governance: The system of rules, practices, and processes by which a company is directed and controlled.
  1. Due Diligence: The process of conducting a thorough investigation or research into a business or legal matter before deciding or entering into an agreement.
  2. Durable Power of Attorney: A legal document that grants another person the authority to make financial and legal decisions on behalf of the principal, even if the principal becomes incapacitated.
  1. Estate Planning: The process of organizing and managing assets during a person’s lifetime and ensuring their distribution according to their wishes upon death.
  2. Employment Agreement: A legally binding contract between an employer and an employee that outlines the terms and conditions of employment.
  1. Franchise Agreement: A legal contract that grants an individual or entity the right to operate a franchise business according to specified terms and conditions.
  2. Family Limited Partnership (FLP): A legal structure used for estate planning and asset protection, where family members own and manage assets through a partnership.
  1. General Partnership: A business structure where two or more individuals or entities share profits, losses, and responsibilities.
  2. Guardianship: A legal arrangement in which a guardian is appointed to make decisions on behalf of an incapacitated person, typically involving health and financial matters.
  1. HIPAA Compliance: Compliance with the Health Insurance Portability and Accountability Act (HIPAA), which regulates the privacy and security of healthcare information.
  2. Home Office Deduction: A tax deduction available to individuals who use a portion of their home exclusively for business purposes.
  1. Intellectual Property (IP): Legal protections for creations of the mind, including patents, trademarks, copyrights, and trade secrets.
  2. Incorporation: The process of forming a corporation, creating a separate legal entity from its owners.
  1. Joint Venture: A business arrangement where two or more parties collaborate for a specific project or venture, sharing risks and rewards.
  2. Jurisdiction: The geographic area or legal authority within which a court or regulatory body has control and jurisdiction.
  1. Keogh Plan: A tax-advantaged retirement plan for self-employed individuals and small business owners.
  2. Key Employee: An essential employee within a business whose contributions significantly impact the company’s success.
  1. Limited Liability Company (LLC): A business structure that provides limited liability protection to its owners while allowing for flexible management.
  2. Living Will: A legal document specifying an individual’s wishes regarding medical treatment and life support if they become unable to communicate.
  1. Mediation: A process in which a neutral third party assists parties in resolving disputes and reaching agreements without going to court.
  2. Mergers and Acquisitions (M&A): Combining two or more companies through merger or acquisition transactions.
  1. Non-Disclosure Agreement (NDA): A legal contract obligates parties to protect confidential information and refrain from disclosing it to others.
  2. Notary Public: A public official authorized to authenticate documents, witness signatures, and administer oaths.
  1. Operating Agreement: A document that outlines the management structure and operating procedures of an LLC.
  2. Offshore Trust: A trust established in a foreign jurisdiction for asset protection and estate planning purposes.
  1. Partnership Agreement: A legal document that defines the rights, responsibilities, and profit-sharing arrangements among partners in a partnership.
  2. Probate: The legal process of administering the estate of a deceased person, including distributing assets and settling debts.
  1. Qualified Retirement Plan: A retirement savings plan that meets specific IRS criteria, providing tax benefits to participants.
  2. Quiet Title Action: A legal proceeding to establish clear property ownership when there are disputes or uncertainties regarding the title.
  1. Real Estate Law: Legal matters related to the ownership, use, and transfer of real property, including buying and selling real estate.
  2. Revocable Living Trust: A trust that can be altered or revoked by the grantor during their lifetime and used for estate planning purposes.
  1. Shareholder Agreement: A contract among shareholders of a corporation that outlines their rights, responsibilities, and ownership interests.
  2. Sole Proprietorship: A business owned and operated by a single individual, with no legal distinction between the owner and the business.
  1. Trademark Registration: Registering a trademark with the U.S. Patent and Trademark Office (USPTO) to protect brand identity.
  2. Tax Planning: Strategies and actions taken to minimize tax liabilities while remaining compliant with tax laws.
  1. Uniform Commercial Code (UCC): A set of laws governing commercial transactions, including the sale of goods and secured transactions.
  2. Unincorporated Business: A business structure that does not have a separate legal entity from its owner, such as a sole proprietorship or partnership.
  1. Venture Capital: Funding provided to startup and early-stage companies by venture capital firms or investors in exchange for equity ownership.
  2. Virtual Office: A service that provides businesses with a professional mailing address and telephone answering services without needing physical office space.
  1. Will: A legal document specifying how an individual’s assets and property should be distributed after death.
  2. Workers’ Compensation: Insurance coverage benefits employees suffering work-related injuries or illnesses.
  1. Xerox Copy: A photocopy of a document, often used in legal contexts to provide copies of important paperwork.
  1. Year-End Tax Planning: Strategic financial planning is conducted at the end of the fiscal year to optimize tax advantages and minimize liabilities.
  1. Zero-Coupon Bond: A bond that does not pay periodic interest but is issued at a discount and redeemed at face value at maturity.

This dictionary provides definitions for a wide range of terms related to business law, estate planning, asset protection, and more, helping clients and stakeholders better understand the legal services offered by Ligon Business & Estate Law.