Business Law Glossary: I

Illiquidity Discount: A discount in the value of an interest in a business because of legal restrictions on the resale of such interest.

Impaneling: Selecting a jury from the list of potential jurors.

Impeach: Attacking the credibility of a witness.

Implied Contract: A type of enforceable contract that is not made explicitly, but is implied from the circumstances or the parties' conduct.

Incorporate: To obtain an official charter or articles of incorporation from the state for an organization, this may be a profit-making business, a professional business, such as a law office or medical office; or a non-profit entity which operates for charity.

Incorporator: The person or entity that organizes a corporation and files its Articles of Incorporation. The incorporator can take corporate actions before directors and officers are appointed.

Independent Contractor: A person or business which performs services for another person or entity under a contract between them, with the terms spelled out such as duties, pay, the amount and type of work and other matters.

Individual Retirement Account ("IRA"): A tax-deferred savings account in which the employee contributes no more than a set maximum amount annually.

Injunction: A court order requiring a person to do, or to refrain from doing, a particular thing.

Insider: Someone who has a position in a business or stock brokerage, which allows him/her to be privy to confidential information (such as future changes in management, upcoming profit and loss reports).

Intentional Infliction of Emotional Distress: Intentionally causing severe emotional distress by extreme or outrageous conduct.

Interrogatories: A written set of questions sent from one party to the other during the discovery process.

Interstate Commerce: Commercial trade, business, movement of goods or money, or transportation from one state to another, regulated by the federal government according to powers spelled out in Article I of the Constitution.

Involuntary Dissolution: The forced dissolution of a corporation by a court or administrative action.