Business Law GLOSSARY

Glossary of Business Law Terms

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Garnishment of Wages: Taking or seizing the amount owing pursuant to a child support order or other order, directly from the employee's wages; a proceeding whereby a debtor's money, or other property, which is under the control of another is given to a third person to whom the debtor owes a debt.

General Partner: Usually one of the owners and operators of a partnership, which is a joint business entered into for profit, in which responsibility for management, profits and, most importantly,

Go Public: The process of becoming a public, fully reporting company either by filing a registrations statement with the SEC, or by merging with a public company.

Good Standing: A state a corporation enjoys when it is in full compliance with the law.

Goods: Items held for sale in the regular course of business, as in a retail store.

Gross Negligence: Failure to use even the slightest amount of care in a way that shows recklessness or willful disregard for the safety of others.