All Legal Terms by letter B

B2B, Business to Business :- B2B is short for the legal term "business to business" and refers to those companies that are in the business of marketing and selling goods and services exclusively to other businesses, instead of to the consuming public.


Back Taxes :- Back taxes is the legal term for taxes that are due and payable but that have not in fact been paid. In cases where the taxpayer intentionally or inadvertently underreported income or overstated deductions, even in a prior year, back taxes are due regardless. Interest and penalties may also be charged in addition to the amount of back tax due.


Bad Debt :- Bad Debt is an accounting term indicating an accounting expense on the books of a company that the company recognized when a customer account receivable is deemed to be ultimately uncollectible.


Bad Debt Ratio :- Bad Debt Ratio is an accounting term indicating the relationship between the amount of bad debt expense on the books of a company and the amount of outstanding sales.
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Bad Debt Recovery :- Bad Debt Recovery occurs when an account that had been written off as a bad debt expense has been finally collected. This payment is recorded on the books of the company as a bad debt recovery so that it can be directly related to the prior write-off.


Bail :- Bail is money paid as security for the appearance of the defendant in court for a criminal case. The defendant will ordinarily be allowed to post a bond.


Bail Bond :- A Bail Bond is a written agreement with a surety, or bail bondsman, signed by the defendant, promising that the defendant will appear in court for scheduled hearings. Should the defendant fail to appear, the bond may be forfeit and the defendant will be taken back into custody.


Bailor :- A Bailor is the person that bails, or delivers goods to another, in trust, beneficial either to the Bailee (receiver of the goods) or the Bailor. This is called a Bailment.


Bailiff :- A Bailiff is an officer of the court charged with keeping order. The Bailiff is often an employee of the county sheriff's office, and is usually armed.


Balance Due :- The balance due on an account is simply the amount of money that is currently owed on the account. This amount is recorded as a balance due until it is paid or becomes a bad debt expense.


Balance of Account :- The balance of account term refers to the banking and accounting convention that deems accounts are to be balanced between debits and credits.


Balance Sheet :- A balance sheet is a written statement of an account, or of a company's financial position, as of a specific point in time. The statement will show a balance, or equality, between the account's assets and liabilities.


Balloon Payment :- A balloon payment is the name of the substantial payment of principal due at the end of the term of a baloon note. The balloon payment is usually the final payment, but it need not be


Ballot :- A ballot is the document listing the candidates for office used by voters in making selections in an election.
Bank Debits :- The bank debits are the sum total of all charges, by check or otherwise, that have been made and are pending against the deposits of a bank's customers.


Bank :- A bank is a financial institution for the deposit, exchange, issuance, or lending of money. Banks are regulated by law.


Bank Card Center :- The bank card center is the physical location in the bank where the bank's credit card operations are conducted and supervised. Some banks will centralize the bank card center into a separate building.


Bank Examiner :- A bank examiner is a person, independent from the bank, that is in charge of inspecting and examining the accounts and operations of the bank.


Bank Identification Number :- A bank identification number is the numerical identifier assigned to the particular bank in the banking system. This number will appear on all transactions into and out of the bank.


Bank Reconciliation :- All bank customers should get and stay in the habit of reconciling their bank statements each month. Bank reconciliation occurs when the monthly bank account statement is compared and confirmed with other documents showing actual transactions. Discrepancies should be corrected.


Bankruptcy Reforms :- Bankruptcy occurs when one is unable to meet current expenses with current income. Bankruptcy is a filing made in federal court. In a Chapter 7 Bankruptcy case, the insolvent gives notice to creditors of the bankruptcy and, after a hearing, the debtor may be granted a discharge from some or all of the debts. In the bankruptcy process, most assets of the debtor will be liquidated under the supervision of the bankruptcy trustee. Bankruptcy is recognized in the United States Constitution. The Bankruptcy Reform Act passed in 2005 will make it more difficult for persons with higher than state median incomes to achieve discharge of their debts without going through a credit counseling program or a restructuring of the debt under Chapter 13 of the Bankruptcy Code.


Bankruptcy Court :- A separate court designated to hear all bankruptcy cases exists under the Federal System. This is known as the Federal Bankruptcy Court.


Bankruptcy Trustee :- A bankruptcy trustee is a person, usually a lawyer, who is appointed by the judge of the bankruptcy court to receive and take charge of the bankruptcy estate.