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Partnership
A business organization in which two or more persons carry on a business
together. Partners are each fully liable for all the debts of the enterprise
but they also share the profits exclusively. Many states have laws which
regulate partnerships and may, for example, require some form of registration
and allow partnership agreements. One of the basic advantages of partnerships
is that they tend to allow business losses to be deducted from personal
income for tax purposes (see also limited partner).
Par value
shares
Shares issued by a company which have a minimum price. Shares which are
without par value or "non par value shares" are shares which
may be sold at whatever price the company's board of directors decides.
Patent
An exclusive privilege granted to an inventor to make, use or sale an
invention for a set number of years (eg. in Canada, 17 years). Normally,
no one company can retain a monopoly over a product or service because
this is considered to economically harmful to society. But as a financial
incentive to potential inventors, the state grants a temporary monopoly
to that inventor through the issuance of a patent.
Paternity
Being a father. "Paternity suits" are launched when a man denies
paternity of a child born out of wedlock. New technology of DNA testing
can establish paternity thus obliging the father to provide child support.
Payee
The person to whom payment is addressed or given. In family law, the term
usually refers to the person who receives or to whom support or maintenance
is owed. In commercial law, the term refers to the person to whom a bill
of exchange is made payable. On a regular check, the space preceded with
the words "pay to the order of" identifies the payee.
Payor
The person who is making the payment(s). Again, in the context of family
law, the word would typically refer to the person to a support or maintenance
debtor. In commercial law, the word refers to the person who makes the
payment on a check or bill of exchange.
Pedophile
A person afflicted with "pedophilia", a sexual perversion in
which children are preferred as sexual partner.
Pen register
An electronic surveillance device which attaches to a phone line and which
registers every number dialed from a specific telephone. This surveillance
device is not as effective as wire-tapping. |
