A personal service corporation is a corporation that is created to provide personal services to individuals or groups. Such services span a wide variety of professional business endeavors as specified by the Internal Revenue Service (IRS) (see below). For these C Corporations to be considered a personal service corporation by the IRS, the employee-owners must
What Is a Personal Spending Plan? A spending plan is an informal document used to determine the cash flow of an individual or household. A personal spending plan, similar to one’s budget, helps outline where income is earned and where expenses are incurred. When paired with a financial goals worksheet, the personal spending plan can
What Is Per Stirpes? Per stirpes is a legal term that may be included in a last will and testament to explain who will inherit assets if a beneficiary passes away before the testator, the person who has created the will. With a per stirpes distribution, the beneficiary’s share of the estate will pass to
What Is a Program Evaluation Review Technique (PERT) Chart? A program evaluation review technique (PERT) chart is a graphical representation of a project’s timeline that displays all of the individual tasks necessary to complete the project. As a project management tool, the PERT chart is often preferred to the Gantt chart because it identifies task dependencies.
What Is PEST Analysis? PEST Analysis (political, economic, social and technological) is a management method whereby an organization can assess major external factors that influence its operation in order to become more competitive in the market. As described by the acronym, those four areas are central to this model. A popular variation on the PEST
Peter Lynch is one of the most successful and well-known investors of all time. Lynch is the legendary former manager of the Magellan Fund at the major investment brokerage Fidelity. He took over the fund in 1977 at age 33 and ran it for 13 years. His success allowed him to retire in 1990 at
What Is the Peter Principle? The Peter Principle is an observation that the tendency in most organizational hierarchies, such as that of a corporation, is for every employee to rise in the hierarchy through promotion until they reach a level of respective incompetence. In other words, a front-office secretary who is quite good at their
What Is Pet Insurance? Pet insurance is an insurance policy bought by a pet owner which helps to lessen the overall costs of expensive veterinary bills. This coverage is similar to health insurance policies for humans. Pet insurance will cover, either entirely or in part, the often expensive veterinary procedures. Evaluating and comparing pet insurance
What Is a Petition? A petition is a legal document formally requesting a court order and setting out the petitioner’s version of the facts at issue. When a lawsuit is filed, it moves through a series of stages before it is finally resolved. In civil cases, the first stage is the filing of a petition
What Is Petro (PTR)? The cryptocurrency Petro was proposed by the president of Venezuela, Nicolas Maduro, in December 2017. The Petro was launched in 2018 but has failed to gain traction or help solve the country’s economic problems. It was supposedly backed by Venezuela’s oil, natural gas, and mineral reserves for stability. Key Takeaways Petro
