by Action Tax | Glossary
Qualified Plan A retirement plan that meets the requirements of Section 401(a) of the Internal Revenue Code and is eligible for tax-favored treatment. Quorum The minimum attendance required to conduct business at a meeting. Usually, a quorum is achieved if a majority...
by Action Tax | Glossary
PITI The four components of a mortgage payment: principal, interest, property taxes and insurance. Paid in Capital Requirements A few states require corporations to have a specified amount of paid-in capital prior to starting business. These states include CT, DC, SD...
by Action Tax | Glossary
Offering Price The per share price at which a stock or mutual fund is offered to the public. The market price may be more or less than the offering price. Officers Officers are people who are appointed by the directors. They manage the daily affairs of the...
by Action Tax | Glossary
Name Reservation The name of a corporation or LLC must be distinguishable on the records of the state government. If the name is not unique, the state will reject the articles of incorporation or articles of organization in the case of LLCs. A name can be reserved,...
by Action Tax | Glossary
Management Accounting Accounting concerned with providing information to managers who are inside an organization and also direct and control operations. Management Accounting includes cost accumulation for product costing, budgeting and financial statement analysis....
