Business dictionary

An official document required for the importation or exportation of goods between countries. It is issued by the relevant national or international authorities to ensure compliance with regulations regarding economic protection, security, and environmental standards. Import/export licenses are used to control the flow of goods, enforce restrictions, and collect duties or taxes on certain products.

A financial service in which a business sells its accounts receivable (invoices) to a third-party company, known as a factor, in exchange for immediate cash. Instead of waiting for customers to pay their invoices, the business can receive a percentage of the invoice amount upfront, while the remaining amount is paid after the invoice is collected by the factoring company. This process helps businesses improve cash flow by reducing payment delays.

A trading partnership that seeks greater equity in international trade, promoting sustainable development.

Private wealth management advisory firms that serve ultra-high-net-worth individuals or families. They provide a range of services tailored to meet the specific needs of wealthy families, including investment management, financial planning, tax optimization, estate planning, philanthropic advising, and concierge services. Family offices can be categorized into single-family offices (SFOs), which serve one wealthy family, and multi-family offices (MFOs), which manage the wealth of multiple families. The primary goal of a family office is to preserve and grow the family’s wealth across generations while addressing the unique challenges that come with managing significant assets.

The situation where a government’s expenditures exceed its revenues over a specified period, typically leading to an increase in public debt as the government borrows to cover the gap. Conversely, a fiscal surplus occurs when government revenues exceed expenditures, which can lead to a reduction in public debt or an increase in state reserves.

A business model in which a company (the franchisor) grants other businesses (franchisees) the right to use its brand, products, or services, as well as its business model, under specific conditions and for a defined period. Franchisees usually pay an initial fee and ongoing royalties for using these rights. Franchising is commonly used in industries such as foodservice, retail, and services.

Financial agreements in which two parties agree to buy or sell an asset (such as stocks, commodities, or currencies) at a predetermined price on a specified future date. The parties involved commit to executing the transaction at that time, regardless of the asset’s market value at that moment. Futures contracts are primarily used for risk management (hedging) or for speculation.

Α regulation in the European Union (EU) that sets guidelines for the collection and processing of personal data from individuals who live in the EU. Enforced since May 25, 2018, GDPR aims to give individuals control over their personal data and unify the data protection laws across all EU member states.
Under GDPR, organizations must ensure personal data is collected legally and securely. It grants individuals rights like accessing, correcting, or deleting their data and imposes strict penalties on businesses that violate these rules. This regulation affects any company that handles the personal data of EU citizens, even if the company is based outside of the EU.

A business structure where all partners are jointly and severally liable for the company’s obligations. All partners share responsibility for managing the business and making decisions, and they have unlimited personal liability for the company’s debts. This means they are personally responsible for any legal claims against the company, even beyond their initial investments. General partnerships offer more flexibility than corporations but come with greater risk for the partners involved

The system by which organizations are directed and controlled, including policies and procedures.