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Glossary of Terms

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Seal (Corporate Seal)

A seal adopted and used by a corporation for authenticating its corporate acts and executing legal documents. Corporate seals are no longer required by many corporate statutes but are still a useful tool for authenticating corporate documents.

Share

A unit of stock representing ownership of a corporation. The number of shares owned by a particular shareholder are normally represented by a share certificate.

Share Certificate

A corporate document which certifies that the person named on the certificate is entitled to ownership of a certain number of shares of the corporation.

Share Subscription

The act of a shareholder acquiring shares of a corporation.

Shareholder

A person who owns shares of a corporation. Shareholders are the owners of corporations.

Shareholder Agreement

A contract between all or a portion of the shareholders of a corporation, which sets out their mutual rights and obligations.

Signing Officer

An officer of the corporation who is authorized to sign documents on behalf of the corporation, and who can legally bind the corporation.

Sole Proprietorship

A business in which one person owns all assets and is personally responsible for all liabilities.

Stock

A unit of stock representing ownership of a corporation. The amound of stock owned by a particular shareholder are normally represented by a stock or share certificate.

Subsidiary

A corporation whose shares are majority owned by a related parent (holding)corporation.

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