Tag: legal

What are 'General Provisions' General provisions are balance sheet items representing funds set aside by a company as assets to pay for anticipated future losses....

DefinitionTax evasion is the illegal evasion of taxes by individuals, corporations, and trusts. Tax evasion often entails taxpayers deliberately misrepresenting the true state of...

DefinitionPar value, in finance and accounting, means stated value or face value. From this come the expressions at par, over par and under par....

DefinitionTax avoidance is the legal usage of the tax regime in a single territory to one's own advantage to reduce the amount of tax...

DefinitionA tax advisor or tax consultant is a person with advanced training and knowledge of tax law. The services of a tax advisor are...

What is a tax deed sale A tax deed sale is a public auction of property that has been foreclosed upon because the owner has...

DefinitionA police raid is a visit by police or other law enforcement officers often in the early morning or late at night, with the...

What is 'Ultra Vires Acts' Any act that lies beyond the authority of a corporation to perform. Ultra Vires acts fall outside...

What is 'Uberrimae Fidei Contract' A legal agreement requiring the highest standard good faith. "Uberrimae fidei" or "uberrima fides" is Latin for...

DefinitionBankruptcy is a legal status of a person or other entity that cannot repay debts to creditors. In most jurisdictions, bankruptcy is imposed by...