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Business Partners Shaking Hands in Agreement
Attorney Ethics & Professional Responsibility Business Law

What is the duty of loyalty?

March 26, 2026 • By Jack Gilbert
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 conflicts of interest, self-dealing, and taking secret profits from the relationship. This article explains who owes the duty, common violations, and potential legal remedies. Understanding the Duty of Loyalty The […]
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Caregiver Helping Elderly Person with Duty of Care
Attorney Discipline & Licensing Legal Malpractice
Professional Responsibility (Legal Ethics)

What is the duty of care?

March 26, 2026 • By Jack Gilbert
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 reasonable person (or professional) would have taken safer steps in the same situation. This article explains the definition, who owes it, common examples, and how it affects negligence claims. Duty […]
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Business Professionals Shaking Hands in Agreement
Business Law Contract Law
Legal Definitions

What is fiduciary duty?

March 26, 2026 • By Jack Gilbert
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 care under law. It applies where trust and confidence are placed in someone like a trustee, attorney, or financial advisor. This article explains fiduciary relationships, core duties, and what counts […]
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Board Members Meeting Around Conference Table
Business & Corporate Business Law
Corporate Governance

What is a board of directors?

March 26, 2026 • By Jack Gilbert
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, sets strategic direction, and approves major decisions while meeting fiduciary duties. This article explains what boards do, how they’re structured, and why they matter. Understanding the Board of Directors A […]
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Corporate Bylaws Document with Pen and Glasses
Business Organizations Corporate Governance
Corporate Law

What is corporate bylaws?

March 26, 2026 • By Jack Gilbert
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, and how key actions are approved. This article explains what bylaws cover, how they differ from articles of incorporation, and why they’re essential. Corporate bylaws are the internal rules that […]
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Business Professionals Reviewing Operating Agreement Document
Business Formation Corporate Governance & Compliance
Limited Liability Company (LLC) Law

What is an operating agreement?

March 26, 2026 • By Jack Gilbert
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 and decision-making, profit and loss allocations, and procedures for major changes or disputes. This article explains what an operating agreement includes, why it matters, and when to create or update […]
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Legal Document with Corporate Seal and Pen
Business Formation Business Law
Corporate Law

What is articles of incorporation?

March 26, 2026 • By Jack Gilbert
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, share structure, and incorporator details. This article explains what they are, what they contain, and how filing works by state. Understanding Articles of Incorporation Articles of incorporation are the legal […]
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Volunteers Sorting Donations at a Nonprofit Organization
Charity & Foundation Law Nonprofit Organizations
Tax-Exempt Organizations (501(c)(3)) Law

What is a nonprofit organization?

March 26, 2026 • By Jack Gilbert
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 U.S. nonprofits seek tax-exempt status, such as 501(c)(3), to support charitable, educational, or public purposes. This article explains how nonprofits work, how they fund operations, and key legal basics. Understanding […]
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S Corporation Tax Structure and Business Benefits
Business Formation Business Tax Law
Corporate Law

What is an S corporation?

March 26, 2026 • By Jack Gilbert
An S corporation is a corporation that elects IRS “S” status so profits and losses pass through to shareholders and are taxed once at individual rates. It offers corporate limited liability while avoiding C corporation double taxation if eligibility rules are met. This article explains S corp basics, taxation, requirements, and key pros/cons. Understanding S […]
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Business Partners Reviewing Limited Partnership Documents
Business Formation Corporate & Commercial Law
Partnership Law

What is a limited partnership?

March 26, 2026 • By Jack Gilbert
A limited partnership (LP) is a business entity with at least 1 general partner who manages the company and at least 1 limited partner whose liability is usually limited to their investment. General partners run day-to-day operations, while limited partners typically contribute capital and stay out of management. This article explains LP roles, liability, and […]
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