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Balloon Payment
A final loan payment that is greater than the installment payments that preceded it. It renders the loan paid in full.
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Beneficiary
A person designated to receive the benefits of a retirement account after the death of the account holder.
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Board of Directors
The governing body of a corporation. The Board is elected by the shareholders and is responsible for selecting the officers and the roles the officers...
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Bonding Requirement
ERISA generally requires that any persons having direct or indirect control or authority over qualified retirement plan assets be bonded by a...
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Borrower
An individual or small business that applies for and receives a loan with the intention of repaying the loan in full.
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Business Format Franchising
When a franchisor instructs a franchisee on every aspect of conducting the business. Restaurants and retail and service stores are generally business...
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