Bylaws define the organizational and operational structure of a CORPORATION. In addition to the articles of INCORPORATION (sometimes called a charter), which state the rights and responsibilities of the corporation, bylaws provide greater definition regarding the powers of managers, SHAREHOLDERS, and the BOARD OF DIRECTORS.

The buying-center concept is the idea that in businesses and organizations, many people with different roles and priorities participate in PURCHASING decisions. Unlike consumer buying, where the consumer, alone or with assistance or influence from acknowledged opinion leaders, makes his or her own purchase decisions, in business buying a group often determines which PRODUCTs or SERVICES are purchased.

The buy-grid model is a business model depicting rational organizational decision making. Business marketers use the buy-grid model to portray the steps businesses go through in making purchase decisions. The model includes two components: buy phase and buy class.

The Buy American Act (1933) and traditions favor the purchase of goods and services from domestic suppliers. Almost every time the U.S. economy begins to decline, local and national politicians, supported by business leaders, develop campaigns promoting the purchase of American- made products.

A business valuation is an estimate of the fair MARKET VALUE of a closely held business. There is no distinction between a valuation and an appraisal, but usually the term valuation is applied to estimating the value of a business and an appraisal is used to refer to estimating the value of a specific ASSET, such as real estate, jewelry, antiques, or art.

Business taxation is a constantly changing and controversial subject covering a wide array of taxes. Some are imposed by the federal government, others by state and local governments. Some are paid directly by businesses, while others are added into the price of products and, depending on the market, paid by consumers, producers, or combinations of both consumers and producers.

The Business Roundtable is an association of CHIEF EXECUTIVE OFFICERs (CEOs) of major U.S.-based CORPORATIONs. The association�s stated goal is �to promote policies that will lead to sustainable, non-inflationary, long-term growth in the U.S. economy.�

A business plan is a document that describes a company�s overall plans. The phrase is sometimes used to describe a plan for a segment of the company or for a specific initiative. It can also describe the document prepared in an effort to raise VENTURE CAPITAL.

Originally the term logistics described the strategic movement of military personnel and equipment. During World War II, General George Patton�s army was stalled by a lack of fuel. Patton called his problem �the iron grip of logistics.� Transporting a large number of troops and a lot of equipment quickly and efficiently is often the key to military success.

Business language is the combination of slang, jargon, and acronyms used in the business world. Americans use a variety of terms and phrases that are not standard English. Businesspeople are often in hurry. Slang and jargon are quick and easy ways to communicate.