The Law of Corporations and Other Business Organizations
Chapter Glossary
| assumed name | An alias that may be used to transact business; usually requires filing or notification at the state or local level; same as fictitious name. |
| certificate of assumed name, trade name, or fictitious name | A certificate issued by the proper state authority to an individual or an entity that grants the right to use an assumed or fictitious name for the transaction of business in that state. |
| conversion | Any act that deprives an owner of property without that owner’s permission and without just cause. For example, it is conversion to refuse to return a borrowed book. |
| copyright | The right to control the copying, distributing, performing, displaying, and adapting of works (including paintings, music, books, and movies). The right belongs to the creator, or to persons employing the creator, or to persons who buy the right from the creator. The right is created, regulated, and limited by the Federal Copyright Act of 1976 and by the Constitution. The symbol for copyright is ©. The legal life (duration) of a copyright is the author’s life plus 50 years, or 75 years from publication date, or 100 years from creation, depending on the circumstances. |
| demurrer | A legal pleading that says, in effect, “even if, for the sake of argument, the facts presented by the other side are correct, those facts do not give the other side a legal argument that can possibly stand up in court.” The demurrer has been replaced in many courts by a motion to dismiss. |
| fictitious name | An alias that may be used to transact business; usually requires filing or notification at the state or local level; same as assumed name. |
| goodwill | The reputation and patronage of a company. The monetary worth of a company’s goodwill is roughly what a company would sell for over the value of its physical property, money owed to it, and other assets. |
| heir | A person who inherits property; a person who has a right to inherit property; or a person who has a right to inherit property only if another person dies without leaving a valid, complete will. [pronounce: air] |
| intellectual property | 1. A copyright, patent trademark, trade secret, or similar intangible right in an original tangible or perceivable work. 2. The works themselves in no. 1. 3. The right to obtain a copyright, patent, and so on for the works in no. 1. |
| nomenclature | Designation, title, or name of something. |
| patent | An exclusive right granted by the federal government to a person for a limited number of years (usually 20) for the manufacture and sale of something that person has discovered or invented. |
| sole proprietor | The owner of a sole proprietorship. |
| sole proprietorship | An unincorporated business owned by one person. |
| trade name | The name of a business. It will usually be legally protected in the area where the company operates and for the types of products in which it deals. |
| trademark | A distinctive mark, brand name, motto, or symbol used by a company to identify or advertise the products it makes or sells. Trademarks (and service marks) can be federally registered and protected against use by other companies if the marks meet certain criteria. A federally registered mark bears the symbol ®. |