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Partnership Entity
A partnership includes a syndicate, group, pool, joint venture, or other unincorporated organization, through or by means of which any business,...
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Passive Investment
An activity that does not constitute a competitive business activity.
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Pension Recordkeeper
It is likely that you will choose Guidant Financial Group, Inc. as your Plan Recordkeeper. We will assist you in completing the annual reporting...
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Plan Eligibility
Your 401(k) Plan Document will detail minimum standards that employees must meet to participate in the plan. At the very least, employees usually must...
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Plan Participant
All employees of the Corporation who are eligible to participate in the plan and elect to enroll in the plan are considered Plan Participants.
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Plan Sponsor
The Corporation (i.e. employer) is the sponsor of the 401(k) Plan.
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Pre-Foreclosure
Time period between notice of action to bring foreclosure and the foreclosure action.
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Pre-Foreclosure Sale
The private sale of property by the property owner facing a pending foreclosure prior to the public foreclose auction.
A procedure in which a lender...
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Primary Beneficiary
The person who, upon the insured’s death, has the first right to receive insurance proceeds.
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Principal
The amount of debt--not counting interest--left on a loan.
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Principal Place of Business
Address of a business that is exclusively and regularly used for the administrative or management activities of a trade or business.
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Private Placement
The sale of securities directly to individuals, entities, or institutional investors, such as banks, mutual funds, insurance companies, pension funds,...
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Private Stock
Shares in a private company are owned by relatively few shareholders.
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Probate
A court process to transfer a decedent’s property to his or her heirs or other beneficiaries.
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Product/Trade Name Franchising
When a franchisee sells products using a franchisor's trademark, name and logo. Car dealerships, gas stations and bottling companies are commonly...
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Profit Sharing Plan
A qualified retirement plan to which an employer may, in its discretion, make contributions on behalf of eligible employees.
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Prohibited Transaction
An improper transaction or event involving an IRA or its assets that will result in excise (penalty) taxes or possible loss of the IRA's tax-favored...
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Protected Territory
An area within which a franchisor will guarantee a franchisee that they will not place another franchise or a company-owned location. The size of this...
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Public Stock
The securities of a public company which are are owned by a large number of investors. They are for sale to the general public.
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Publication Requirement
Certain states have post filing requirements that include publishing the Articles of Organization in a newspaper of mass distribution or regular...
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