Examlex
The operation of a merit pay plan depends on the effectiveness of the performance appraisal system.
Venture-Related Project
A specific endeavor, often involving risk, undertaken by a business or partnership that aims to deliver a new product, service, or result.
Business Trust
A form of business organization, created by a written trust agreement, that resembles a corporation. Legal ownership and management of the trust’s property stay with the trustees, and the profits are distributed to the beneficiaries, who have limited liability.
Personally Liable
When an individual is personally responsible for fulfilling a debt or legal obligation, risking personal assets beyond a corporate structure.
Partnership
A bona fide business arrangement that includes two or more individuals managing together and sharing earnings.
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