Jack Gilbert

Attorney Ethics & Professional Responsibility Business Law

What is the duty of loyalty?

March 26, 2026

The duty of loyalty is a fiduciary obligation requiring a trusted decision-maker to act 100% in the beneficiary’s best interests, not their own. It bars...

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Business & Corporate Law Corporate Governance Corporate Law

What is piercing the corporate veil?

March 26, 2026

Piercing the corporate veil is when a court holds a company’s owners or shareholders personally liable for the company’s debts or misconduct, despite the usual...

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Business Agreements Business Law Contracts

What is a shareholder agreement?

March 26, 2026

A shareholder agreement is a private contract among a company’s shareholders (and often the company) that sets the rules for ownership, voting, and share transfers....

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Business & Corporate Business Law Corporate Governance

What is a board of directors?

March 26, 2026

A board of directors is an elected group—typically 3 to 15 members—that governs a corporation on behalf of shareholders. It hires and oversees top executives,...

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Business Law Contract Law Legal Definitions

What is fiduciary duty?

March 26, 2026

Fiduciary duty is a legal obligation requiring a fiduciary to act in the best interests of another person, meeting one of the highest standards of...

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Attorney Discipline & Licensing Legal Malpractice Professional Responsibility (Legal Ethics)

What is the duty of care?

March 26, 2026

Duty of care is a legal obligation to act with reasonable care to avoid foreseeable harm to others. Courts apply it by asking whether a...

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Business Formation Business Law Corporate Law

What is articles of incorporation?

March 26, 2026

Articles of incorporation are the state-filed formation documents that legally create a corporation as a separate entity. They typically list the corporate name, registered agent,...

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Business Formation Corporate Governance & Compliance Limited Liability Company (LLC) Law

What is an operating agreement?

March 26, 2026

An operating agreement is a legal contract that sets the rules for how an LLC is owned, managed, and operated. It defines member roles, voting...

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Business Organizations Corporate Governance Corporate Law

What is corporate bylaws?

March 26, 2026

Corporate bylaws are a corporation’s written internal rules that govern management, meetings, voting, and decision-making. They outline how directors and officers act, how shareholders meet,...

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Business Formation Business Taxation Corporate Governance

What is a C corporation?

March 26, 2026

A C corporation is a separate legal entity that can have unlimited shareholders and is taxed at a 21% federal corporate rate. Shareholders generally get...

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Charity & Foundation Law Nonprofit Organizations Tax-Exempt Organizations (501(c)(3)) Law

What is a nonprofit organization?

March 26, 2026

A nonprofit organization is a mission-driven entity that reinvests 100% of surplus revenue into its programs rather than distributing profits to owners or shareholders. Many...

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Business Compliance Business Formation Corporate Governance

What is a registered agent?

March 26, 2026

A registered agent is a required representative in every state where your business is registered who receives service of process and official government mail. This...

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