{"id":5520,"date":"2016-04-04T10:48:01","date_gmt":"2016-04-04T15:48:01","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/smallbusiness\/starting-a-business\/starting-a-business-glossary.html"},"modified":"2026-05-13T11:47:00","modified_gmt":"2026-05-13T16:47:00","slug":"starting-a-business-glossary","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/starting-a-business-glossary.html","title":{"rendered":"Glossary: Starting a Business"},"content":{"rendered":"\n<div class=\"fl-sectionWithSidebar fl-container fl-flex fl-flex-wrap fl-gap30  wp-container-core-columns-is-layout-9d6595d7 fl-sectionWithSidebar fl-container fl-flex fl-flex-wrap fl-gap30\">\n<div class=\"fl-section-main fl-page-articles fl-section-main fl-section-main-full-width\"><h1 class=\"fl-no-margin-top\">Glossary: Starting a Business<\/h1>\n\n<section class=\"fl-gutenberg-byline\">\n    <div class=\"fl-gutenberg-byline-content\">\n                    By <a href=\"https:\/\/www.findlaw.com\/company\/our-team\/natalie-moritz\/\">Natalie Moritz<\/a> | Legally reviewed by <a\n                href=\"https:\/\/www.findlaw.com\/company\/our-team\/catherine-hodder-esq\/\">Catherine Hodder, Esq.<\/a>\n                | Last updated\n        <time>\n                            May 13, 2026\n                    <\/time>\n    <\/div>\n\n            <div class=\"fl-gutenberg-byline-editorial-note fl-text-sm\">\n            <p>Editorial Note: We earn a commission from affiliate partner links on FindLaw. Commissions do not affect the editorial integrity of our legal content.<\/p>\n\n        <\/div>\n    \n    <details class=\"fl-gutenberg-byline-toggle fl-gutenberg-byline-legally-reviewed\">\n        <summary>\n            <i class=\"fl-gutenberg-byline-icon\" aria-hidden=\"true\"><\/i>\n            Legally Reviewed\n        <\/summary>\n\n        <div class=\"fl-gutenberg-byline-toggle-content\">\n            <p><em>This article has been written and reviewed for legal accuracy, clarity, and style by <a href=\"https:\/\/www.findlaw.com\/company\/our-team.html\">FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with <a href=\"https:\/\/www.findlaw.com\/company\/company-history\/editorial-policy.html\">our editorial standards<\/a>.<\/em><\/p>\n\n        <\/div>\n    <\/details>\n\n    <details class=\"fl-gutenberg-byline-toggle fl-gutenberg-byline-fast-checked\">\n        <summary>\n            <i class=\"fl-gutenberg-byline-icon\" aria-hidden=\"true\"><\/i>\n            Fact-Checked\n        <\/summary>\n\n        <div class=\"fl-gutenberg-byline-toggle-content\">\n            <p><em>The last updated date refers to the last time this article was reviewed by FindLaw or one of our <a href=\"https:\/\/www.findlaw.com\/company\/our-team\/contributing-authors.html\">contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please <a href=\"https:\/\/lawyers.findlaw.com\/?fli=bylinelink\" target=\"_blank\" rel=\"noopener\">contact an attorney in your area<\/a>.<\/em><\/p>\n\n        <\/div>\n    <\/details>\n<\/section>\n\n\n    <div class=\"fl-callout-text article-blockquote\">\n        <p>Business and financial terms are the essential language used by entrepreneurs, banks, financing companies, and financial, tax, and legal professionals.<\/p>\n\n    <\/div>\n\n\n\n<div><p>Successful\u00a0<a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/business-start-up-checklist.html\"><span data-term-id=\"54206803\">small <\/span><span data-term-id=\"54206810\">business<\/span><span data-term-id=\"54206810\"> owners<\/span><\/a>\u00a0know the <span data-term-id=\"54206823\">business terms<\/span> used in the <span data-term-id=\"54206850\">day-to-day<\/span> operations of running a business. Understanding these terms helps you respond effectively to business challenges and opportunities as an <span data-term-id=\"54206825\">entrepreneur<\/span>.<\/p>\n<p><b><i>Ready to form your LLC with confidence? <a href=\"https:\/\/legalzoomcominc.pxf.io\/c\/4851649\/2115288\/26746?subId1=starting-a-business-glossary-in-content\" rel=\"sponsored noopener\" data-cta=\"Biz LZ - LATL Callout\" data-cta-url=\"legalzoom.com\" target=\"_blank\">Our trusted partner LegalZoom has packages starting at $0 + filing fees.<\/a><\/i><\/b><\/p>\n<p>This glossary will help you learn the basics of:<\/p>\n<ul>\n<li>\n<p><span data-term-id=\"54206805\">Cash flow<\/span><\/p>\n<\/li>\n<li>\n<p><a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/sample-profit-and-loss-statement.html\">Profit and loss statements<\/a><\/p>\n<\/li>\n<li>\n<p><a href=\"https:\/\/www.findlaw.com\/smallbusiness\/incorporation-and-legal-structures.html\">Legal structures<\/a><\/p>\n<\/li>\n<li>\n<p>Business <span data-term-id=\"54206830\">bank accounts<\/span><\/p>\n<\/li>\n<li>\n<p>Employee management (like taxing and paying your employees correctly)<\/p>\n<\/li>\n<li>\n<p><span data-term-id=\"54206856\">Startup<\/span> costs and\u00a0<a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/sources-of-small-business-financing.html\">business financing<\/a><\/p>\n<\/li>\n<li>\n<p><a href=\"https:\/\/www.findlaw.com\/smallbusiness\/business-taxes.html\">Business taxes<\/a><\/p>\n<\/li>\n<li>\n<p>Other aspects of running a thriving business<\/p>\n<\/li>\n<\/ul>\n<p>The articles and resources in FindLaw\u2019s\u00a0<a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business.html\">Starting a Business<\/a>\u00a0section provide <span data-term-id=\"54206825\">entrepreneurs<\/span> with more advice and legal pointers.<\/p>\n<h2>Alphabetical Glossary of Business and Financial Terms<\/h2>\n<p><strong><span data-term-id=\"54206846\">Accounts payable<\/span>.<\/strong>\u00a0The outstanding bills and invoices a business owes for goods and services received. It represents the <span data-term-id=\"54206817\">short-term<\/span> <span data-term-id=\"54206804\">liabilities<\/span> of the business.<\/p>\n<p><strong><span data-term-id=\"54206822\">Accounts receivable<\/span>.<\/strong>\u00a0The outstanding payments customers owe a business for goods or services provided on credit. It represents the <span data-term-id=\"54206817\">short-term<\/span> assets of the business.<\/p>\n<p><strong>Accrual basis accounting.\u00a0<\/strong>An accounting method that records sales, expenses, or other events at the time they happen rather than when cash changes hands.<\/p>\n<p><strong>Amortization.\u00a0<\/strong>The gradual payment of a debt through a schedule of payments.<\/p>\n<p><strong>Angel investor.<\/strong>\u00a0Investors who support early-stage or <span data-term-id=\"54206856\">startup<\/span> businesses with high growth potential.\u00a0<a href=\"https:\/\/www.findlaw.com\/smallbusiness\/business-finances\/how-to-start-a-business-with-no-money.html\">Angel investors<\/a>\u00a0are typically wealthy people who do not have corporate backing.<\/p>\n<p><a href=\"https:\/\/www.findlaw.com\/smallbusiness\/incorporation-and-legal-structures\/writing-and-filing-the-articles-of-incorporation.html\"><strong>Articles of incorporation<\/strong><\/a><strong>.\u00a0<\/strong>A document filed with a state\u2019s secretary of state that lays out certain required information about the corporation.<\/p>\n<p><a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/sample-business-balance-sheet.html\"><strong><span data-term-id=\"54206809\">Balance sheet<\/span><\/strong><\/a><strong>.\u00a0<\/strong>A listing of a <span data-term-id=\"54206851\">company\u2019s assets<\/span>, <span data-term-id=\"54206804\">liabilities<\/span>, and net worth at a fixed point.<\/p>\n<p><strong>Board of directors.<\/strong>\u00a0A group of people (elected by the shareholders of a company) who oversee management of the company.<\/p>\n<p><strong>Bootstrapping.\u00a0<\/strong>Starting and growing a business with little or no external capital or funding.<\/p>\n<p><strong>Bottom line.<\/strong>\u00a0<a href=\"https:\/\/dictionary.findlaw.com\/definition\/net-income.html\" target=\"_blank\" rel=\"noopener\">Net income<\/a>\u00a0or profit after all expenses, taxes, and other financial obligations. This metric reflects the financial health and profitability of a business.<\/p>\n<p><a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/how-to-do-a-break-even-analysis-before-starting-your-business.html\"><strong>Break-even analysis<\/strong><\/a><strong>.\u00a0<\/strong>Determining the exact point when a company makes neither a profit nor a loss.<\/p>\n<p><strong>Business financing.\u00a0<\/strong>The process of securing funds to support the operations, growth, and investments of a business.<\/p>\n<p><strong><span data-term-id=\"54206820\">Business plan<\/span>.<\/strong>\u00a0A written document that describes a business\u2019s objectives, strategies, market, and financial forecast. A\u00a0<a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/business-plan-overview.html\"><span data-term-id=\"54206820\">business plan<\/span><\/a>\u00a0is often used to help secure funding from banks and investors.<\/p>\n<p><strong>Capital.<\/strong>\u00a0Money invested into a business enterprise.<\/p>\n<p><a href=\"https:\/\/www.findlaw.com\/smallbusiness\/business-finances\/cash-vs-accrual-accounting-for-small-businesses.html\"><strong>Cash basis accounting<\/strong><\/a><strong>.\u00a0<\/strong>An accounting method that records sales and expenses during cash transfers.<\/p>\n<p><a href=\"https:\/\/www.findlaw.com\/smallbusiness\/business-finances\/the-importance-of-cash-management.html\"><strong><span data-term-id=\"54206805\">Cash flow<\/span> statement<\/strong><\/a><strong>.\u00a0<\/strong>A <span data-term-id=\"54206806\">financial statement<\/span> that charts the sources and uses of a business\u2019s cash.<\/p>\n<p><strong>Certificate of incorporation.<\/strong>\u00a0A certificate issued by a state\u2019s secretary of state. It indicates a company\u2019s incorporation status and that the secretary of state has accepted its articles of incorporation for filing.<\/p>\n<p><strong>Collateral.<\/strong>\u00a0Business or personal property a <span data-term-id=\"54206824\">borrower<\/span> pledges to a <span data-term-id=\"54206816\">lender<\/span> as security to ensure repayment of either a personal or business loan.<\/p>\n<p><a href=\"https:\/\/www.findlaw.com\/smallbusiness\/incorporation-and-legal-structures\/pros-and-cons-why-form-a-corporation.html\"><strong>Corporation<\/strong><\/a><strong>.\u00a0<\/strong>A type of organization created (according to state laws) to run a business. A corporation is separate from the people who own it, making the business its own distinct entity.<\/p>\n<p><strong>Cost of goods sold (COGS).\u00a0<\/strong>Direct expenses incurred in producing the goods or services a business sells. COGS includes costs like raw materials, labor, and manufacturing.<\/p>\n<p><strong>Current assets.\u00a0<\/strong>Assets a business can liquidate within a relatively short period.<\/p>\n<p><strong>Current <span data-term-id=\"54206804\">liabilities<\/span>.\u00a0<\/strong>Debts a business must pay within a relatively short period (usually one year).<\/p>\n<p><strong>Current ratio.<\/strong>\u00a0A ratio of a business\u2019s assets to its <span data-term-id=\"54206804\">liabilities<\/span>.<\/p>\n<p><strong>Data analysis.\u00a0<\/strong>The process of studying and transforming data into useful information for businesses.<\/p>\n<p><strong>Data asset.\u00a0<\/strong>Any asset comprised of data (like an application, document, web page, or database).<\/p>\n<p><strong>Data dictionary.<\/strong>\u00a0A centralized collection of a company\u2019s data and its attributes.<\/p>\n<p><strong>Data governance.\u00a0<\/strong>The process of managing business data\u2019s availability, reliability, and security. Companies may install new data governance programs to improve their data\u2019s reliability, quality, and security.<\/p>\n<p><strong>Data intelligence.\u00a0<\/strong>The tools and processes companies use to better understand and interpret their data.<\/p>\n<p><strong>Data lineage.\u00a0<\/strong>Recording and interpreting the journey data takes from its source to its end user.<\/p>\n<p><strong>Data management.<\/strong>\u00a0The process of creating procedures and policies to manage business data. Data governance is a type of data management.<\/p>\n<p><strong>Data model.<\/strong>\u00a0A visual representation of a company\u2019s data elements.<\/p>\n<p><strong>Data steward.\u00a0<\/strong>A company employee who manages a business\u2019s data quality, procedures, privacy, and safety.<\/p>\n<p><a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/financing-a-small-business-loans-vs-equity-investment.html\"><strong>Debt financing<\/strong><\/a><strong>.\u00a0<\/strong>The use of borrowed money to finance a business.<\/p>\n<p><strong><span data-term-id=\"54206808\">Depreciation<\/span>.\u00a0<\/strong>The process of expensing the <span data-term-id=\"54206852\">value of a business<\/span> asset over its <span data-term-id=\"54206833\">useful life<\/span>. &#8220;<span data-term-id=\"54206833\">Useful life<\/span>&#8221; is the estimated amount of time an asset will provide value to a business.<\/p>\n<p><strong>Equity.\u00a0<\/strong>The net value of assets minus <span data-term-id=\"54206804\">liabilities<\/span>.<\/p>\n<p><a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/equity-investors-your-business.html\"><strong>Equity financing<\/strong><\/a><strong>.<\/strong>\u00a0Securing a monetary investment from an investor in which the investor becomes a part owner of the business.<\/p>\n<p><strong>Expenditures.<\/strong>\u00a0Money spent on costs necessary for operating and maintaining the business. Expenditures typically include rent, utilities, supplies, marketing, and other business operations and growth essentials.<\/p>\n<p><strong>Financial reports.<\/strong>\u00a0Reports that show the financial status of a company at a given time.<\/p>\n<p><strong>Financial services.\u00a0<\/strong>Economic services, such as\u00a0<a href=\"https:\/\/www.findlaw.com\/smallbusiness\/business-finances\/finance-banking-forms-and-contracts.html\">banking<\/a>, investing, and\u00a0<a href=\"https:\/\/www.findlaw.com\/smallbusiness\/liability-and-insurance\/insurance-policies.html\">insurance<\/a>.<\/p>\n<p><a href=\"https:\/\/www.findlaw.com\/smallbusiness\/business-finances\/financial-statements-the-balance-sheet.html\"><strong><span data-term-id=\"54206806\">Financial statement<\/span><\/strong><\/a><strong>.\u00a0<\/strong>A statement providing financial information from a business\u2019s accounting records. <span data-term-id=\"54206806\">Financial statements<\/span> include a <span data-term-id=\"54206809\">balance sheet<\/span>, <span data-term-id=\"54206819\">income statement<\/span> (or profit and loss statement), and <span data-term-id=\"54206805\">cash flow<\/span> statement.<\/p>\n<p><strong><span data-term-id=\"54206842\">Fiscal year<\/span>.<\/strong>\u00a0The 12 months established by a business for accounting, planning, and tax purposes.<\/p>\n<p><strong>Fixed costs.\u00a0<\/strong>Business costs that do not vary with sales volume.<\/p>\n<p><strong>Forecasting.\u00a0<\/strong>The calculation of reasonable probabilities about a business\u2019s financial future.<\/p>\n<p><strong>Goodwill.<\/strong>\u00a0An intangible asset of a business derived from the perceived value of the business\u2019s assets.<\/p>\n<p><a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/sample-profit-and-loss-statement.html\"><strong><span data-term-id=\"54206841\">Gross profit<\/span><\/strong><\/a><strong>.<\/strong>\u00a0Net total sales minus the cost of goods sold.<\/p>\n<p><strong>Guaranty.<\/strong>\u00a0A promise by a third party to repay a loan in the event the primary <span data-term-id=\"54206824\">borrower<\/span> fails to do so.<\/p>\n<p><strong><span data-term-id=\"54206819\">Income statement<\/span>.\u00a0<\/strong>A presentation of a business\u2019s sales, expenses, and profit or loss periodically.<\/p>\n<p><strong>Incubator.\u00a0<\/strong>An organization that provides support, resources, and mentorship to <span data-term-id=\"54206856\">startups<\/span> and early-stage businesses.<\/p>\n<p><a href=\"https:\/\/www.findlaw.com\/smallbusiness\/business-finances\/valuation-of-intangible-assets.html\"><strong>Intangible asset<\/strong><\/a><strong>.\u00a0<\/strong>An asset that does not have a physical presence, like goodwill,\u00a0<a href=\"https:\/\/www.findlaw.com\/smallbusiness\/intellectual-property.html\">a patent, or a trademark<\/a>.<\/p>\n<p><strong>Inventory financing.<\/strong>\u00a0Getting capital for a business by borrowing money with inventory used as collateral.<\/p>\n<p><strong><span data-term-id=\"54206814\">Joint venture<\/span>.\u00a0<\/strong>An agreement between two or more businesses to mutually achieve a business goal.<\/p>\n<p><strong>Key performance indicators (KPI).<\/strong>\u00a0Measurable and quantifiable indicators of a company\u2019s performance.<\/p>\n<p><strong>Lean <span data-term-id=\"54206856\">startup<\/span>.<\/strong>\u00a0An approach to building and growing a <span data-term-id=\"54206856\">startup<\/span> that emphasizes efficiency, quick cycles, and a focus on customer feedback. Lean <span data-term-id=\"54206856\">startups<\/span> typically aim to form a sustainable and successful business with minimal resources.<\/p>\n<p><strong>Leverage.\u00a0<\/strong>Borrowing to increase the ability of a business to conduct its operations.<\/p>\n<p><a href=\"https:\/\/www.findlaw.com\/smallbusiness\/incorporation-and-legal-structures\/forming-an-llc.html\"><strong>Limited <span data-term-id=\"54206804\">liability<\/span> company<\/strong><\/a><strong>\u00a0(LLC).\u00a0<\/strong>A <span data-term-id=\"54206844\">business structure<\/span> that combines elements of a corporation (providing limited <span data-term-id=\"54206804\">liability<\/span>) with a partnership (providing pass through taxation). An LLC protects its owners (known as members) from personal <span data-term-id=\"54206804\">liability<\/span> for business debts.<\/p>\n<p><strong>Line of credit.<\/strong>\u00a0A commitment by a <span data-term-id=\"54206816\">lender<\/span> to lend up to a certain <span data-term-id=\"54206827\">amount of money<\/span> to a business.<\/p>\n<p><strong><span data-term-id=\"54206807\">Liquidity<\/span>.<\/strong>\u00a0The availability of cash or easily convertible assets a business can use to meet <span data-term-id=\"54206817\">short-term<\/span> financial obligations. <span data-term-id=\"54206807\">Liquidity<\/span> reflects a business\u2019s ability to cover immediate expenses, like bills and payroll.<\/p>\n<p><strong>Loan or credit agreement.\u00a0<\/strong>An agreement that a <span data-term-id=\"54206816\">lender<\/span> may need if a business borrows a large <span data-term-id=\"54206827\">amount of money<\/span>. This agreement contains extra terms beyond the\u00a0<a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/promissory-notes.html\">promissory note<\/a>\u00a0or mortgage. It might cover repayment terms, warranties,\u00a0<a href=\"https:\/\/dictionary.findlaw.com\/definition\/default.html\" target=\"_blank\" rel=\"noopener\">default<\/a>\u00a0terms, and more.<\/p>\n<p><strong>Metadata.\u00a0<\/strong>Data that describes other business data to catalog it, track its location, and check the data quality.<\/p>\n<p><strong>Minimal viable product (MVP).<\/strong>\u00a0The simplest product version that allows a business to test its key theories and gather feedback from early adopters. &#8220;Early adopters&#8221; are customers who are the first to try a new product or technology.<\/p>\n<p><a href=\"https:\/\/dictionary.findlaw.com\/definition\/mortgage.html\" target=\"_blank\" rel=\"noopener\"><strong>Mortgage<\/strong><\/a><strong>.\u00a0<\/strong>A loan for\u00a0<a href=\"https:\/\/corporate.findlaw.com\/business-operations\/property\/real-property.html\" target=\"_blank\" rel=\"noopener\">real property<\/a>\u00a0where the real property is the collateral for the loan.<\/p>\n<p><strong>Net income after taxes.<\/strong>\u00a0A company\u2019s <span data-term-id=\"54206837\">net profit<\/span> before taxes minus federal, state, or local income or franchise\u00a0<a href=\"https:\/\/www.findlaw.com\/smallbusiness\/business-taxes\/start-up-tax-issues.html\">taxes<\/a>.<\/p>\n<p><strong>Net income before taxes.<\/strong>\u00a0Net sales or total receipts of a business minus all expenses except\u00a0<a href=\"https:\/\/www.findlaw.com\/smallbusiness\/business-taxes.html\">taxes<\/a>.<\/p>\n<p><strong>Net sales.\u00a0<\/strong>Total amount of sales of a business minus discounts, returns, and pricing adjustments.<\/p>\n<p><strong>Net worth.\u00a0<\/strong>The net value of assets minus <span data-term-id=\"54206804\">liabilities<\/span>.<\/p>\n<p><strong>Operating expenses.\u00a0<\/strong>The expenses of a business not directly associated with making a product or providing a service. Operating expenses include administrative, technical, and selling costs.<\/p>\n<p><a href=\"https:\/\/www.findlaw.com\/smallbusiness\/incorporation-and-legal-structures\/types-of-partnerships.html\/\"><strong>Partnership<\/strong><\/a><strong>.\u00a0<\/strong>An association of two or more people to carry on as co-owners of a business for profit.<\/p>\n<p><strong>Pitch deck.<\/strong>\u00a0A presentation that summarizes a business, typically used by <span data-term-id=\"54206825\">entrepreneurs<\/span> and <span data-term-id=\"54206856\">startups<\/span> to sell their business ideas to potential investors.<\/p>\n<p><strong>Profit margin.\u00a0<\/strong>Measures the percentage of revenue that represents a company\u2019s profit. It gets calculated by dividing the <span data-term-id=\"54206837\">net profit<\/span> (profit after expenses) by the total revenue and expressed as a percentage.<\/p>\n<p><a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/promissory-notes.html\"><strong>Promissory note<\/strong><\/a><strong>.\u00a0<\/strong>A document that records a promise to repay a loan within a specific time frame at a certain <span data-term-id=\"54206839\">interest rate<\/span>.<\/p>\n<p><a href=\"https:\/\/www.findlaw.com\/smallbusiness\/business-finances\/ten-things-to-think-about-before-making-an-initial-public.html\"><strong>Public offering<\/strong><\/a><strong>.\u00a0<\/strong>The sale of shares of a company\u2019s stock to the public in the financial market.<\/p>\n<p><strong><span data-term-id=\"54206861\">Retained earnings<\/span>.<\/strong>\u00a0The <span data-term-id=\"54206837\">net profit<\/span> after dividends.<\/p>\n<p><a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/what-is-return-on-investment-.html\"><strong>Return on investment<\/strong><\/a><strong>\u00a0(ROI).<\/strong>\u00a0The metric calculates an investment\u2019s profitability (like an advertising campaign) by comparing the gain or loss from the investment to its cost. It gets expressed as a percentage.<\/p>\n<p><strong>Revenue model.<\/strong>\u00a0the strategy a business uses to generate income. A revenue model outlines the company\u2019s methods to earn money, like sales, subscriptions, licensing, and\u00a0<a href=\"https:\/\/www.findlaw.com\/smallbusiness\/business-operations\/essential-advertising-rules-for-your-businesses.html\">advertising<\/a>.<\/p>\n<p><strong>Scalability.<\/strong>\u00a0The ability of a business to grow and handle increased market demand without a proportional increase in costs or resources.<\/p>\n<p><strong>Securities and Exchange Commission (SEC).\u00a0<\/strong>The\u00a0<a href=\"https:\/\/www.sec.gov\/\" target=\"_blank\" rel=\"noopener\">federal regulatory agency<\/a>\u00a0that oversees and enforces federal securities laws.<\/p>\n<p><a href=\"https:\/\/dictionary.findlaw.com\/definition\/security-agreement.html\" target=\"_blank\" rel=\"noopener\"><strong>Security agreement<\/strong><\/a><strong>.\u00a0<\/strong>An agreement providing a <span data-term-id=\"54206816\">lender<\/span> with a security interest in certain personal property (not real estate) as collateral for a loan.<\/p>\n<p><strong><span data-term-id=\"54206803\">Small Business<\/span> Administration (<span data-term-id=\"54206834\">SBA<\/span>).\u00a0<\/strong>The federal governmental agency that provides guarantees to <span data-term-id=\"54206816\">lenders<\/span> who make loans to <span data-term-id=\"54206803\">small businesses<\/span>.<\/p>\n<p><a href=\"https:\/\/www.findlaw.com\/smallbusiness\/incorporation-and-legal-structures\/how-to-set-up-a-sole-proprietorship.html\"><strong><span data-term-id=\"54206813\">Sole proprietorship<\/span><\/strong><\/a><strong>.\u00a0<\/strong>A business owned and operated by an individual owner without incorporation or partners. The owner is liable for the business\u2019s debts to the full extent of their personal property.<\/p>\n<p><a href=\"https:\/\/dictionary.findlaw.com\/definition\/shareholder.html\" target=\"_blank\" rel=\"noopener\"><strong>Shareholder.<\/strong><\/a> A person who owns stock or an equity interest in a corporation.<\/p>\n<p><a href=\"https:\/\/dictionary.findlaw.com\/definition\/stakeholder.html\" target=\"_blank\" rel=\"noopener\"><strong>Stakeholder<\/strong><\/a><strong>.\u00a0<\/strong>A person who owns a share or has a financial interest in a business venture. Used broadly may also encompass employees, management, and customers.<\/p>\n<p><a href=\"https:\/\/corporate.findlaw.com\/corporate-governance\/s-corporations-an-overview.html\" target=\"_blank\" rel=\"noopener\"><strong>Subchapter S corporation<\/strong><\/a><strong>.\u00a0<\/strong>A corporation that has elected under Subchapter S of the Internal Revenue Code for pass-through taxation to the shareholders.<\/p>\n<p><strong>Subject matter expert (SME).\u00a0<\/strong>A person who is an authoritative source on a particular subject.<\/p>\n<p><a href=\"https:\/\/www.findlaw.com\/smallbusiness\/business-finances\/the-customer-invoice-as-credit.html\"><strong>Unsecured loan<\/strong><\/a><strong>.\u00a0<\/strong>A loan made with no collateral posted to ensure repayment.<\/p>\n<p><strong>Value proposition.\u00a0<\/strong>The unique value a product or service offers that sets it apart from competitors.<\/p>\n<p><strong>Variable cost.\u00a0<\/strong>A cost that varies directly with sales, like raw materials, labor, and sales commissions.<\/p>\n<p><strong><span data-term-id=\"54206854\">Venture capitalist<\/span>.\u00a0<\/strong>A\u00a0<a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/how-to-start-a-business-with-no-money.html\">private investor<\/a>\u00a0who invests in a business in exchange for an equity share.<\/p>\n<p><strong><span data-term-id=\"54206853\">Working capital<\/span>.\u00a0<\/strong>The difference between a business\u2019s assets and <span data-term-id=\"54206804\">liabilities<\/span>. Current assets minus current <span data-term-id=\"54206804\">liabilities<\/span>.<\/p>\n<h2>Need More Help? Talk to a Business Attorney<\/h2>\n<p>Feeling overwhelmed by the financial and business acumen needed to start a <span data-term-id=\"54206803\">small business<\/span> is natural. If you need help understanding how the various financial and legal terms play out in the everyday operations of your business, you\u2019re not alone. Consider consulting a\u00a0<a href=\"https:\/\/lawyers.findlaw.com\/business-commercial-law\/?fli=dcta\" target=\"_blank\" rel=\"noopener\">business and commercial law attorney<\/a>\u00a0for expert legal advice.<\/p>\n<p>An experienced attorney can guide you through your <a href=\"https:\/\/legalzoomcominc.pxf.io\/c\/4851649\/2115288\/26746?subId1=starting-a-business-glossary%20wct2509241927424k6w6&amp;auto-aff-llc\" target=\"_blank\" rel=\"noopener\">business formation<\/a>. They can help you make sound business decisions about financial management, strategic planning, and more.<\/p><\/div>\n\n\n<div class=\"was-this-helpful\">\n    <div\n            class=\"was-this-helpful__question-container\"\n            aria-labelledby=\"was-this-helpful__question\"\n            role=\"group\"\n    >\n        <span\n                id=\"was-this-helpful__question\"\n                class=\"was-this-helpful__question fl-text-lg-bold\"\n        >Was this helpful?<\/span>\n        <button\n                class=\"was-this-helpful__button fl-text-sm\"\n                aria-label=\"Yes\"\n                value=\"yes\"\n        >\n            <span class=\"was-this-helpful__button-text fl-text-bold\">Yes<\/span>\n            <i class=\"was-this-helpful__button-icon\">\n                <svg width=\"22\" height=\"22\" viewBox=\"0 0 22 22\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                    <g id=\"thumbs-up\" clip-path=\"url(#clip0_604_3418)\">\n    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12V0.999995H4.72003C4.2377 0.994543 3.76965 1.16359 3.40212 1.47599C3.0346 1.78839 2.79235 2.22309 2.72003 2.7L1.34003 11.7C1.29652 11.9866 1.31586 12.2793 1.39669 12.5577C1.47753 12.8362 1.61793 13.0937 1.80817 13.3125C1.99842 13.5313 2.23395 13.7061 2.49846 13.8248C2.76297 13.9435 3.05012 14.0033 3.34003 14H9.00003Z\"\n                              stroke=\"#666666\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\n                    <\/g>\n                    <defs>\n                        <clipPath id=\"clip0_604_3423\">\n                            <rect width=\"22\" height=\"22\" fill=\"white\"\/>\n                        <\/clipPath>\n                    <\/defs>\n                <\/svg>\n            <\/i>\n        <\/button>\n    <\/div>\n    <span class=\"was-this-helpful__taken-action fl-text-sm-bold\"><\/span>\n    <div class=\"was-this-helpful__feedback-container\">\n        <div class=\"was-this-helpful__choose-option-message\" role=\"status\">\n 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