Legal terms, in plain English.
The legal words that show up in contracts, filings and conversations about your business, explained the way Codi would explain them to a client.
Confidentiality
The duty to keep certain information private.
Read definition →Attorney-client relationship
The formal relationship that begins when an attorney agrees to represent you.
Read definition →Governance
The rules and practices for how a business makes decisions and stays accountable.
Read definition →Independent contractor
Someone who works for your business but runs their own business, rather than being your employee.
Read definition →Succession planning
Deciding what happens to your business if you leave, retire, become unable to work or pass away.
Read definition →Due diligence
Researching the facts and risks before you sign, buy or partner.
Read definition →Asset protection
Legal strategies that protect what you’ve built from claims, creditors and lawsuits.
Read definition →Termination
Ending a contract or relationship, and the rules for how that can happen.
Read definition →Contract
A legally enforceable agreement between two or more parties.
Read definition →NDA
A non-disclosure agreement: a contract to keep shared information confidential.
Read definition →Trade secret
Valuable business information that stays protected because you keep it confidential.
Read definition →Intellectual property
Creations of the mind a business can own and protect, like brands, content and know-how.
Read definition →Copyright
Legal protection for original creative work, like photos, videos, writing and designs.
Read definition →Trademark
A name, logo or slogan that identifies your brand and sets it apart from others.
Read definition →DBA
“Doing business as”: a registered name a business uses that’s different from its legal name.
Read definition →Operating agreement
The internal rulebook for an LLC: who owns it, who decides and what happens if things change.
Read definition →Entity formation
The process of legally creating a business entity, like an LLC or corporation, with the state.
Read definition →S-corp
A federal tax election that lets an LLC or corporation pass income through to its owners.
Read definition →LLC
A limited liability company: a business entity that separates business debts from the owners’ personal assets.
Read definition →Fiduciary duties
Legal duties to act in the best interest of a business or another person.
Read definition →Indemnity
A promise to cover another party’s losses if certain things go wrong.
Read definition →Arbitration
A private way to resolve disputes outside of court, decided by a neutral arbitrator.
Read definition →Choice of law
A contract clause that names which state’s laws apply to the agreement.
Read definition →Clauses
The individual sections of a contract, each covering one term or rule.
Read definition →Liability
Legal responsibility for a debt, a harm or a broken promise.
Read definition →These definitions are general information, not legal advice. Reading them does not create an attorney-client relationship.