Term of the Day

liability

1. Finance: A claim against the assets, or legal obligations of a personororganization, arising out of past or current transactions or actions. Liabilities require mandatory transfer of assets, or provision of services, at specified dates or in determinable future. 
2. Accounting: accounts and wages payable, accrued rent and taxes, tradedebt, and short and long-term loans. owners' equity ...
Learn more about this term
Usage Example
But time and effort involved in setting up a business structure with lessliability can be costly, as well.

Term of the Day

trustee

An individual or organization which holds or manages and invests assets for the benefit of another. The trustee is legally obliged to make all trust-relateddecisionswith the beneficiary's interests in mind, and may be liable fordamages in the event of not doing so. Trustees may be entitled to a paymentfor their services, if specified in the trust deed. In the specific case of thebond...
Learn more about this term
Usage Example
The trustee has the task of reviewing the proposed payment plan of the debtor.
Notable Quotable
"Six out of ten is all it takes to produce an enviable record on Wall Street." 
-Peter Lynch