Commenda Glossary:  Simplified Terms for Success

The term "Accounts Payable" describes the sum of money that a business owes suppliers or vendors for products or services that were obtained on credit. It is listed as a current obligation on the balance sheet and signifies a company's short-term liabilities.

An Annual General Meeting (AGM) is a mandatory yearly meeting that brings together all the members of a company or organization. The purpose of the AGM is to discuss and decide on important matters that affect the company's operations and future.

Under the 83(b) election employees or founders of a company may elect to include the value of certain stock or other equity grants in their taxable income at the time of grant rather than when the stock or equity vests. This option is provided by Section 83(b) of the US Internal Revenue Code. The tax code section that oversees this election is honored in the election's name.