The will's executor then works with the probate court to distribute the estate according to the deceased's wishes and state law. Before friends and family members receive their inheritance, the executor must use proceeds from the estate to pay off any outstanding debts the deceased left behind.
Glossary of economics terms and concepts. Meaning and definition of special-interest effect. Any result of government promotion of the interests (goals) of a small group at the expense of a much larger group. For the term special-interest effect may also exist other definitions and meanings, the meaning and definition indicated above are indicative not be used for medical and legal or special purposes.
It is important to understand IRS guidelines about conflict of interest when structuring the board of directors for a nonprofit organization.** A conflict of interest is a transaction or arrangement that might benefit the private interest of an officer, board member, or employee. Conflicts of interest in a board of directors can take several forms. Related parties on the board, board members related to employees, certain transactions, and dual-capacity individuals all present a conflict of interest.