An administrative branch of the U.S. Department of Commerce charged with overseeing and implementing the federal laws of patent and trademark.This agency is responsible for examining and issuing all patents and trademarks in the United States.
Pension Benefit Guaranty Corporation (PBGC)
A public, nonprofit insurance fund that provides some limited coverage against bankrupt pension funds. Should a pension fund be unable to pay all its obligations to its retirees, the PBGC may pay some of the pension fund's unfulfilled obligations. The PBGC covers only defined benefit retirement plans and only vested benefits.
Principal Register
The list on which distinctive trademarks and service marks approved for federal regulation are placed. The benefits of getting a mark placed on the principal register include the notice to potential copiers that your mark is protected, the right to sue to stop copying, and the right to have the mark considered immune from legal challenge after five years. Registration also means that an infringer will be considered a willful infringer in case of an infringement lawsuit, which makes it a lot easier to collect large damages and possibly attorney fees.
Prosecuting Attorney
See District Attorney.
pain and suffering
The physical or emotional distress resulting from an injury. Though the concept is somewhat abstract, the injured plaintiff can seek compensation in the form of cold, hard cash. How much the defendant owes for pain and suffering is calculated separately from the amount owing for more direct expenses, such as medical bills or time lost from work -- although sometimes these are factored in to arrive at a logical figure.
palimony
A non-legal term coined by journalists to describe the division of property or alimony-like support given by one member of an unmarried couple to the other after they break up.
par value
The face value of a stock, assigned by a corporation at the time the stock is issued. The par value is often printed on the stock certificate, but the market value of the stock may be much more or much less than par.
paralegal
A person who does legal work but who is not licensed to practice law or dispense legal advice. Independent paralegals (those who work directly with the public, not for lawyers) assist their customers by providing forms, helping people fill them out correctly and filing them with the proper court.
partnership
When used without a qualifier such as "limited" or "limited liability," usually refers to a legal structure called a general partnership. This is a business owned by two or more people (called partners or general partners) who are personally liable for all business debts. To form a partnership, each partner normally contributes money, valuable property or labor in exchange for a partnership share, which reflects the amount contributed. Partnerships are easy to form since no registration is required with any governmental agency to create a partnership (although tax registration and other requirements to conduct business may still apply). Although not required, it is an excellent idea to prepare a written partnership agreement between the partners to define items such as ownership percentages, how profits and losses will be divided and what happens if a partner dies or becomes disabled. Partnerships themselves do not pay federal or state income taxes; rather, profits are passed through to partners who report and pay income taxes on their personal returns. See also limited partnership; limited liability partnership.
party
A person, corporation or other legal entity that files a lawsuit (the plaintiff or petitioner) or defends against one (the defendant or respondent).
