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Assignments: The Basic Law

The assignment of a right or obligation is a common contractual event under the law and the right to assign (or prohibition against assignments) is found in the majority of agreements, leases and business structural documents created in the United States.

As with many terms commonly used, people are familiar with the term but often are not aware or fully aware of what the terms entail. The concept of assignment of rights and obligations is one of those simple concepts with wide ranging ramifications in the contractual and business context and the law imposes severe restrictions on the validity and effect of assignment in many instances. Clear contractual provisions concerning assignments and rights should be in every document and structure created and this article will outline why such drafting is essential for the creation of appropriate and effective contracts and structures.

The reader should first read the article on Limited Liability Entities in the United States and Contracts since the information in those articles will be assumed in this article.

Basic Definitions and Concepts:

An assignment is the transfer of rights held by one party called the “assignor” to another party called the “assignee.” The legal nature of the assignment and the contractual terms of the agreement between the parties determines some additional rights and liabilities that accompany the assignment. The assignment of rights under a contract usually completely transfers the rights to the assignee to receive the benefits accruing under the contract. Ordinarily, the term assignment is limited to the transfer of rights that are intangible, like contractual rights and rights connected with property. Merchants Service Co. v. Small Claims Court , 35 Cal. 2d 109, 113-114 (Cal. 1950).

An assignment will generally be permitted under the law unless there is an express prohibition against assignment in the underlying contract or lease. Where assignments are permitted, the assignor need not consult the other party to the contract but may merely assign the rights at that time. However, an assignment cannot have any adverse effect on the duties of the other party to the contract, nor can it diminish the chance of the other party receiving complete performance. The assignor normally remains liable unless there is an agreement to the contrary by the other party to the contract.

The effect of a valid assignment is to remove privity between the assignor and the obligor and create privity between the obligor and the assignee. Privity is usually defined as a direct and immediate contractual relationship. See Merchants case above.

Further, for the assignment to be effective in most jurisdictions, it must occur in the present. One does not normally assign a future right; the assignment vests immediate rights and obligations.

No specific language is required to create an assignment so long as the assignor makes clear his/her intent to assign identified contractual rights to the assignee. Since expensive litigation can erupt from ambiguous or vague language, obtaining the correct verbiage is vital. An agreement must manifest the intent to transfer rights and can either be oral or in writing and the rights assigned must be certain.

Note that an assignment of an interest is the transfer of some identifiable property, claim, or right from the assignor to the assignee. The assignment operates to transfer to the assignee all of the rights, title, or interest of the assignor in the thing assigned. A transfer of all rights, title, and interests conveys everything that the assignor owned in the thing assigned and the assignee stands in the shoes of the assignor. Knott v. McDonald’s Corp ., 985 F. Supp. 1222 (N.D. Cal. 1997)

The parties must intend to effectuate an assignment at the time of the transfer, although no particular language or procedure is necessary. As long ago as the case of National Reserve Co. v. Metropolitan Trust Co ., 17 Cal. 2d 827 (Cal. 1941), the court held that in determining what rights or interests pass under an assignment, the intention of the parties as manifested in the instrument is controlling.

The intent of the parties to an assignment is a question of fact to be derived not only from the instrument executed by the parties but also from the surrounding circumstances. When there is no writing to evidence the intention to transfer some identifiable property, claim, or right, it is necessary to scrutinize the surrounding circumstances and parties’ acts to ascertain their intentions. Strosberg v. Brauvin Realty Servs., 295 Ill. App. 3d 17 (Ill. App. Ct. 1st Dist. 1998)

The general rule applicable to assignments of choses in action is that an assignment, unless there is a contract to the contrary, carries with it all securities held by the assignor as collateral to the claim and all rights incidental thereto and vests in the assignee the equitable title to such collateral securities and incidental rights. An unqualified assignment of a contract or chose in action, however, with no indication of the intent of the parties, vests in the assignee the assigned contract or chose and all rights and remedies incidental thereto.

More examples: In Strosberg v. Brauvin Realty Servs ., 295 Ill. App. 3d 17 (Ill. App. Ct. 1st Dist. 1998), the court held that the assignee of a party to a subordination agreement is entitled to the benefits and is subject to the burdens of the agreement. In Florida E. C. R. Co. v. Eno , 99 Fla. 887 (Fla. 1930), the court held that the mere assignment of all sums due in and of itself creates no different or other liability of the owner to the assignee than that which existed from the owner to the assignor.

And note that even though an assignment vests in the assignee all rights, remedies, and contingent benefits which are incidental to the thing assigned, those which are personal to the assignor and for his sole benefit are not assigned. Rasp v. Hidden Valley Lake, Inc ., 519 N.E.2d 153, 158 (Ind. Ct. App. 1988). Thus, if the underlying agreement provides that a service can only be provided to X, X cannot assign that right to Y.

Novation Compared to Assignment:

Although the difference between a novation and an assignment may appear narrow, it is an essential one. “Novation is a act whereby one party transfers all its obligations and benefits under a contract to a third party.” In a novation, a third party successfully substitutes the original party as a party to the contract. “When a contract is novated, the other contracting party must be left in the same position he was in prior to the novation being made.”

A sublease is the transfer when a tenant retains some right of reentry onto the leased premises. However, if the tenant transfers the entire leasehold estate, retaining no right of reentry or other reversionary interest, then the transfer is an assignment. The assignor is normally also removed from liability to the landlord only if the landlord consents or allowed that right in the lease. In a sublease, the original tenant is not released from the obligations of the original lease.

Equitable Assignments:

An equitable assignment is one in which one has a future interest and is not valid at law but valid in a court of equity. In National Bank of Republic v. United Sec. Life Ins. & Trust Co. , 17 App. D.C. 112 (D.C. Cir. 1900), the court held that to constitute an equitable assignment of a chose in action, the following has to occur generally: anything said written or done, in pursuance of an agreement and for valuable consideration, or in consideration of an antecedent debt, to place a chose in action or fund out of the control of the owner, and appropriate it to or in favor of another person, amounts to an equitable assignment. Thus, an agreement, between a debtor and a creditor, that the debt shall be paid out of a specific fund going to the debtor may operate as an equitable assignment.

In Egyptian Navigation Co. v. Baker Invs. Corp. , 2008 U.S. Dist. LEXIS 30804 (S.D.N.Y. Apr. 14, 2008), the court stated that an equitable assignment occurs under English law when an assignor, with an intent to transfer his/her right to a chose in action, informs the assignee about the right so transferred.

An executory agreement or a declaration of trust are also equitable assignments if unenforceable as assignments by a court of law but enforceable by a court of equity exercising sound discretion according to the circumstances of the case. Since California combines courts of equity and courts of law, the same court would hear arguments as to whether an equitable assignment had occurred. Quite often, such relief is granted to avoid fraud or unjust enrichment.

Note that obtaining an assignment through fraudulent means invalidates the assignment. Fraud destroys the validity of everything into which it enters. It vitiates the most solemn contracts, documents, and even judgments. Walker v. Rich , 79 Cal. App. 139 (Cal. App. 1926). If an assignment is made with the fraudulent intent to delay, hinder, and defraud creditors, then it is void as fraudulent in fact. See our article on Transfers to Defraud Creditors .

But note that the motives that prompted an assignor to make the transfer will be considered as immaterial and will constitute no defense to an action by the assignee, if an assignment is considered as valid in all other respects.

Enforceability of Assignments:

Whether a right under a contract is capable of being transferred is determined by the law of the place where the contract was entered into. The validity and effect of an assignment is determined by the law of the place of assignment. The validity of an assignment of a contractual right is governed by the law of the state with the most significant relationship to the assignment and the parties.

In some jurisdictions, the traditional conflict of laws rules governing assignments has been rejected and the law of the place having the most significant contacts with the assignment applies. In Downs v. American Mut. Liability Ins. Co ., 14 N.Y.2d 266 (N.Y. 1964), a wife and her husband separated and the wife obtained a judgment of separation from the husband in New York. The judgment required the husband to pay a certain yearly sum to the wife. The husband assigned 50 percent of his future salary, wages, and earnings to the wife. The agreement authorized the employer to make such payments to the wife.

After the husband moved from New York, the wife learned that he was employed by an employer in Massachusetts. She sent the proper notice and demanded payment under the agreement. The employer refused and the wife brought an action for enforcement. The court observed that Massachusetts did not prohibit assignment of the husband’s wages. Moreover, Massachusetts law was not controlling because New York had the most significant relationship with the assignment. Therefore, the court ruled in favor of the wife.

Therefore, the validity of an assignment is determined by looking to the law of the forum with the most significant relationship to the assignment itself. To determine the applicable law of assignments, the court must look to the law of the state which is most significantly related to the principal issue before it.

Assignment of Contractual Rights:

Generally, the law allows the assignment of a contractual right unless the substitution of rights would materially change the duty of the obligor, materially increase the burden or risk imposed on the obligor by the contract, materially impair the chance of obtaining return performance, or materially reduce the value of the performance to the obligor. Restat 2d of Contracts, § 317(2)(a). This presumes that the underlying agreement is silent on the right to assign.

If the contract specifically precludes assignment, the contractual right is not assignable. Whether a contract is assignable is a matter of contractual intent and one must look to the language used by the parties to discern that intent.

In the absence of an express provision to the contrary, the rights and duties under a bilateral executory contract that does not involve personal skill, trust, or confidence may be assigned without the consent of the other party. But note that an assignment is invalid if it would materially alter the other party’s duties and responsibilities. Once an assignment is effective, the assignee stands in the shoes of the assignor and assumes all of assignor’s rights. Hence, after a valid assignment, the assignor’s right to performance is extinguished, transferred to assignee, and the assignee possesses the same rights, benefits, and remedies assignor once possessed. Robert Lamb Hart Planners & Architects v. Evergreen, Ltd. , 787 F. Supp. 753 (S.D. Ohio 1992).

On the other hand, an assignee’s right against the obligor is subject to “all of the limitations of the assignor’s right, all defenses thereto, and all set-offs and counterclaims which would have been available against the assignor had there been no assignment, provided that these defenses and set-offs are based on facts existing at the time of the assignment.” See Robert Lamb , case, above.

The power of the contract to restrict assignment is broad. Usually, contractual provisions that restrict assignment of the contract without the consent of the obligor are valid and enforceable, even when there is statutory authorization for the assignment. The restriction of the power to assign is often ineffective unless the restriction is expressly and precisely stated. Anti-assignment clauses are effective only if they contain clear, unambiguous language of prohibition. Anti-assignment clauses protect only the obligor and do not affect the transaction between the assignee and assignor.

Usually, a prohibition against the assignment of a contract does not prevent an assignment of the right to receive payments due, unless circumstances indicate the contrary. Moreover, the contracting parties cannot, by a mere non-assignment provision, prevent the effectual alienation of the right to money which becomes due under the contract.

A contract provision prohibiting or restricting an assignment may be waived, or a party may so act as to be estopped from objecting to the assignment, such as by effectively ratifying the assignment. The power to void an assignment made in violation of an anti-assignment clause may be waived either before or after the assignment. See our article on Contracts.

Noncompete Clauses and Assignments:

Of critical import to most buyers of businesses is the ability to ensure that key employees of the business being purchased cannot start a competing company. Some states strictly limit such clauses, some do allow them. California does restrict noncompete clauses, only allowing them under certain circumstances. A common question in those states that do allow them is whether such rights can be assigned to a new party, such as the buyer of the buyer.

A covenant not to compete, also called a non-competitive clause, is a formal agreement prohibiting one party from performing similar work or business within a designated area for a specified amount of time. This type of clause is generally included in contracts between employer and employee and contracts between buyer and seller of a business.

Many workers sign a covenant not to compete as part of the paperwork required for employment. It may be a separate document similar to a non-disclosure agreement, or buried within a number of other clauses in a contract. A covenant not to compete is generally legal and enforceable, although there are some exceptions and restrictions.

Whenever a company recruits skilled employees, it invests a significant amount of time and training. For example, it often takes years before a research chemist or a design engineer develops a workable knowledge of a company’s product line, including trade secrets and highly sensitive information. Once an employee gains this knowledge and experience, however, all sorts of things can happen. The employee could work for the company until retirement, accept a better offer from a competing company or start up his or her own business.

A covenant not to compete may cover a number of potential issues between employers and former employees. Many companies spend years developing a local base of customers or clients. It is important that this customer base not fall into the hands of local competitors. When an employee signs a covenant not to compete, he or she usually agrees not to use insider knowledge of the company’s customer base to disadvantage the company. The covenant not to compete often defines a broad geographical area considered off-limits to former employees, possibly tens or hundreds of miles.

Another area of concern covered by a covenant not to compete is a potential ‘brain drain’. Some high-level former employees may seek to recruit others from the same company to create new competition. Retention of employees, especially those with unique skills or proprietary knowledge, is vital for most companies, so a covenant not to compete may spell out definite restrictions on the hiring or recruiting of employees.

A covenant not to compete may also define a specific amount of time before a former employee can seek employment in a similar field. Many companies offer a substantial severance package to make sure former employees are financially solvent until the terms of the covenant not to compete have been met.

Because the use of a covenant not to compete can be controversial, a handful of states, including California, have largely banned this type of contractual language. The legal enforcement of these agreements falls on individual states, and many have sided with the employee during arbitration or litigation. A covenant not to compete must be reasonable and specific, with defined time periods and coverage areas. If the agreement gives the company too much power over former employees or is ambiguous, state courts may declare it to be overbroad and therefore unenforceable. In such case, the employee would be free to pursue any employment opportunity, including working for a direct competitor or starting up a new company of his or her own.

It has been held that an employee’s covenant not to compete is assignable where one business is transferred to another, that a merger does not constitute an assignment of a covenant not to compete, and that a covenant not to compete is enforceable by a successor to the employer where the assignment does not create an added burden of employment or other disadvantage to the employee. However, in some states such as Hawaii, it has also been held that a covenant not to compete is not assignable and under various statutes for various reasons that such covenants are not enforceable against an employee by a successor to the employer. Hawaii v. Gannett Pac. Corp. , 99 F. Supp. 2d 1241 (D. Haw. 1999)

It is vital to obtain the relevant law of the applicable state before drafting or attempting to enforce assignment rights in this particular area.

Conclusion:

In the current business world of fast changing structures, agreements, employees and projects, the ability to assign rights and obligations is essential to allow flexibility and adjustment to new situations. Conversely, the ability to hold a contracting party into the deal may be essential for the future of a party. Thus, the law of assignments and the restriction on same is a critical aspect of every agreement and every structure. This basic provision is often glanced at by the contracting parties, or scribbled into the deal at the last minute but can easily become the most vital part of the transaction.

As an example, one client of ours came into the office outraged that his co venturer on a sizable exporting agreement, who had excellent connections in Brazil, had elected to pursue another venture instead and assigned the agreement to a party unknown to our client and without the business contacts our client considered vital. When we examined the handwritten agreement our client had drafted in a restaurant in Sao Paolo, we discovered there was no restriction on assignment whatsoever…our client had not even considered that right when drafting the agreement after a full day of work.

One choses who one does business with carefully…to ensure that one’s choice remains the party on the other side of the contract, one must master the ability to negotiate proper assignment provisions.

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What Is an Assignment of Contract?

Assignment of Contract Explained

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Assignment of contract allows one person to assign, or transfer, their rights, obligations, or property to another. An assignment of contract clause is often included in contracts to give either party the opportunity to transfer their part of the contract to someone else in the future. Many assignment clauses require that both parties agree to the assignment.

Learn more about assignment of contract and how it works.

What Is Assignment of Contract?

Assignment of contract means the contract and the property, rights, or obligations within it can be assigned to another party. An assignment of contract clause can typically be found in a business contract. This type of clause is common in contracts with suppliers or vendors and in intellectual property (patent, trademark , and copyright) agreements.

How Does Assignment of Contract Work?

An assignment may be made to anyone, but it is typically made to a subsidiary or a successor. A subsidiary is a business owned by another business, while a successor is the business that follows a sale, acquisition, or merger.

Let’s suppose Ken owns a lawn mowing service and he has a contract with a real estate firm to mow at each of their offices every week in the summer. The contract includes an assignment clause, so when Ken goes out of business, he assigns the contract to his sister-in-law Karrie, who also owns a lawn mowing service.

Before you try to assign something in a contract, check the contract to make sure it's allowed, and notify the other party in the contract.

Assignment usually is included in a specific clause in a contract. It typically includes transfer of both accountability and responsibility to another party, but liability usually remains with the assignor (the person doing the assigning) unless there is language to the contrary.

What Does Assignment of Contract Cover?

Generally, just about anything of value in a contract can be assigned, unless there is a specific law or public policy disallowing the assignment.

Rights and obligations of specific people can’t be assigned because special skills and abilities can’t be transferred. This is called specific performance.   For example, Billy Joel wouldn't be able to transfer or assign a contract to perform at Madison Square Garden to someone else—they wouldn't have his special abilities.

Assignments won’t stand up in court if the assignment significantly changes the terms of the contract. For example, if Karrie’s business is tree trimming, not lawn mowing, the contract can’t be assigned to her.

Assigning Intellectual Property

Intellectual property (such as copyrights, patents, and trademarks) has value, and these assets are often assigned. The U.S. Patent and Trademark Office (USPTO) says patents are personal property and that patent rights can be assigned. Trademarks, too, can be assigned. The assignment must be registered with the USPTO's Electronic Trademark Assignment System (ETAS) .  

The U.S. Copyright Office doesn't keep a database of copyright assignments, but they will record the document if you follow their procedure.

Alternatives to Assignment of Contract

There are other types of transfers that may be functional alternatives to assignment.

Licensing is an agreement whereby one party leases the rights to use a piece of property (for example, intellectual property) from another. For instance, a business that owns a patent may license another company to make products using that patent.  

Delegation permits someone else to act on your behalf. For example, Ken’s lawn service might delegate Karrie to do mowing for him without assigning the entire contract to her. Ken would still receive the payment and control the work.

Do I Need an Assignment of Contract?

Assignment of contract can be a useful clause to include in a business agreement. The most common cases of assignment of contract in a business situation are:

• Assignment of a trademark, copyright, or patent
• Assignments to a successor company in the case of the sale of the business
• Assignment in a contract with a supplier or customer
• Assignment in an employment contract or work for hire agreement

Before you sign a contract, look to see if there is an assignment clause, and get the advice of an attorney if you want to assign something in a contract.

Key Takeaways

• Assignment of contract is the ability to transfer rights, property, or obligations to another.
• Assignment of contract is a clause often found in business contracts.
• A party may assign a contract to another party if the contract permits it and no law forbids it.

Legal Information Institute. " Assignment ." Accessed Jan. 2, 2021.

Legal Information Institute. " Specific Performance ." Accessed Jan. 2, 2021.

U.S. Patent and Trademark Office. " 301 Ownership/Assignability of Patents and Applications [R-10.2019] ." Accessed Jan. 2, 2021.

Licensing International. " What is Licensing ." Accessed Jan. 2, 2021.

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Assignment is a legal term whereby an individual, the “assignor,” transfers rights, property, or other benefits to another known as the “ assignee .”   This concept is used in both contract and property law.  The term can refer to either the act of transfer or the rights /property/benefits being transferred.

Contract Law   

Under contract law, assignment of a contract is both: (1) an assignment of rights; and (2) a delegation of duties , in the absence of evidence otherwise.  For example, if A contracts with B to teach B guitar for $50, A can assign this contract to C.  That is, this assignment is both: (1) an assignment of A’s rights under the contract to the $50; and (2) a delegation of A’s duty to teach guitar to C.  In this example, A is both the “assignor” and the “delegee” who d elegates the duties to another (C), C is known as the “ obligor ” who must perform the obligations to the assignee , and B is the “ assignee ” who is owed duties and is liable to the “ obligor ”.

(1) Assignment of Rights/Duties Under Contract Law

There are a few notable rules regarding assignments under contract law.  First, if an individual has not yet secured the contract to perform duties to another, he/she cannot assign his/her future right to an assignee .  That is, if A has not yet contracted with B to teach B guitar, A cannot assign his/her rights to C.  Second, rights cannot be assigned when they materially change the obligor ’s duty and rights.  Third, the obligor can sue the assignee directly if the assignee does not pay him/her.  Following the previous example, this means that C ( obligor ) can sue B ( assignee ) if C teaches guitar to B, but B does not pay C $50 in return.

            (2) Delegation of Duties

If the promised performance requires a rare genius or skill, then the delegee cannot delegate it to the obligor.  It can only be delegated if the promised performance is more commonplace.  Further, an obligee can sue if the assignee does not perform.  However, the delegee is secondarily liable unless there has been an express release of the delegee.  That is, if B does want C to teach guitar but C refuses to, then B can sue C.  If C still refuses to perform, then B can compel A to fulfill the duties under secondary liability.

Lastly, a related concept is novation , which is when a new obligor substitutes and releases an old obligor.  If novation occurs, then the original obligor’s duties are wiped out. However, novation requires an original obligee’s consent .  

Property Law

Under property law, assignment typically arises in landlord-tenant situations.  For example, A might be renting from landlord B but wants to another party (C) to take over the property.   In this scenario, A might be able to choose between assigning and subleasing the property to C.  If assigning , A would be giving C the entire balance of the term, with no reversion to anyone whereas if subleasing , A would be giving C for a limited period of the remaining term.  Significantly, under assignment C would have privity of estate with the landlord while under a sublease, C would not. 

[Last updated in May of 2020 by the Wex Definitions Team ]

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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

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A business plan is a document that outlines a company's goals and the strategies to achieve them. It's valuable for both startups and established companies. For startups, a well-crafted business plan is crucial for attracting potential lenders and investors. Established businesses use business plans to stay on track and aligned with their growth objectives. This article will explain the key components of an effective business plan and guidance on how to write one.

Key Takeaways

• A business plan is a document detailing a company's business activities and strategies for achieving its goals.
• Startup companies use business plans to launch their venture and to attract outside investors.
• For established companies, a business plan helps keep the executive team focused on short- and long-term objectives.
• There's no single required format for a business plan, but certain key elements are essential for most companies.

Investopedia / Ryan Oakley

Any new business should have a business plan in place before beginning operations. Banks and venture capital firms often want to see a business plan before considering making a loan or providing capital to new businesses.

Even if a company doesn't need additional funding, having a business plan helps it stay focused on its goals. Research from the University of Oregon shows that businesses with a plan are significantly more likely to secure funding than those without one. Moreover, companies with a business plan grow 30% faster than those that don't plan. According to a Harvard Business Review article, entrepreneurs who write formal plans are 16% more likely to achieve viability than those who don't.

A business plan should ideally be reviewed and updated periodically to reflect achieved goals or changes in direction. An established business moving in a new direction might even create an entirely new plan.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. It allows for careful consideration of ideas before significant investment, highlights potential obstacles to success, and provides a tool for seeking objective feedback from trusted outsiders. A business plan may also help ensure that a company’s executive team remains aligned on strategic action items and priorities.

While business plans vary widely, even among competitors in the same industry, they often share basic elements detailed below.

A well-crafted business plan is essential for attracting investors and guiding a company's strategic growth. It should address market needs and investor requirements and provide clear financial projections.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, gathering the basic information into a 15- to 25-page document is best. Any additional crucial elements, such as patent applications, can be referenced in the main document and included as appendices.

Common elements in many business plans include:

• Executive summary : This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
• Products and services : Describe the products and services the company offers or plans to introduce. Include details on pricing, product lifespan, and unique consumer benefits. Mention production and manufacturing processes, relevant patents , proprietary technology , and research and development (R&D) information.
• Market analysis : Explain the current state of the industry and the competition. Detail where the company fits in, the types of customers it plans to target, and how it plans to capture market share from competitors.
• Marketing strategy : Outline the company's plans to attract and retain customers, including anticipated advertising and marketing campaigns. Describe the distribution channels that will be used to deliver products or services to consumers.
• Financial plans and projections : Established businesses should include financial statements, balance sheets, and other relevant financial information. New businesses should provide financial targets and estimates for the first few years. This section may also include any funding requests.

Investors want to see a clear exit strategy, expected returns, and a timeline for cashing out. It's likely a good idea to provide five-year profitability forecasts and realistic financial estimates.

2 Types of Business Plans

Business plans can vary in format, often categorized into traditional and lean startup plans. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

• Traditional business plans : These are detailed and lengthy, requiring more effort to create but offering comprehensive information that can be persuasive to potential investors.
• Lean startup business plans : These are concise, sometimes just one page, and focus on key elements. While they save time, companies should be ready to provide additional details if requested by investors or lenders.

Why Do Business Plans Fail?

A business plan isn't a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections. Markets and the economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All this calls for building flexibility into your plan, so you can pivot to a new course if needed.

How Often Should a Business Plan Be Updated?

How frequently a business plan needs to be revised will depend on its nature. Updating your business plan is crucial due to changes in external factors (market trends, competition, and regulations) and internal developments (like employee growth and new products). While a well-established business might want to review its plan once a year and make changes if necessary, a new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is ideal for quickly explaining a business, especially for new companies that don't have much information yet. Key sections may include a value proposition , major activities and advantages, resources (staff, intellectual property, and capital), partnerships, customer segments, and revenue sources.

A well-crafted business plan is crucial for any company, whether it's a startup looking for investment or an established business wanting to stay on course. It outlines goals and strategies, boosting a company's chances of securing funding and achieving growth.

As your business and the market change, update your business plan regularly. This keeps it relevant and aligned with your current goals and conditions. Think of your business plan as a living document that evolves with your company, not something carved in stone.

University of Oregon Department of Economics. " Evaluation of the Effectiveness of Business Planning Using Palo Alto's Business Plan Pro ." Eason Ding & Tim Hursey.

Bplans. " Do You Need a Business Plan? Scientific Research Says Yes ."

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

Harvard Business Review. " How to Write a Winning Business Plan ."

U.S. Small Business Administration. " Write Your Business Plan ."

SCORE. " When and Why Should You Review Your Business Plan? "

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/əˈsaɪnmənt/.

Other forms: assignments

Whether you’re an international spy with a new mission or a high school student with math homework — when you get an assignment , you’d better do it! An assignment is a task that someone in authority has asked you to do.

The word assignment is just the noun form of the common verb assign , which you use when you want to give someone a duty or a job. When you assign something, that something is called an assignment . The word can also refer to the act of distributing something. If you are distributing new office furniture at work, you might say, “ Assignment of the new chairs will begin tomorrow.”

• noun an undertaking that you have been assigned to do (as by an instructor) see more see less types: show 6 types... hide 6 types... school assignment , schoolwork a school task performed by a student to satisfy the teacher writing assignment , written assignment an assignment to write something classroom project a school task requiring considerable effort classwork the part of a student's work that is done in the classroom homework , prep , preparation preparatory school work done outside school (especially at home) lesson a task assigned for individual study type of: labor , project , task , undertaking any piece of work that is undertaken or attempted
• noun a duty that you are assigned to perform (especially in the armed forces) “a hazardous assignment ” synonyms: duty assignment see more see less types: show 10 types... hide 10 types... guard , guard duty , sentry duty , sentry go the duty of serving as a sentry fatigue , fatigue duty labor of a nonmilitary kind done by soldiers (cleaning or digging or draining or so on) charge , commission , mission a special assignment that is given to a person or group reassignment assignment to a different duty sea-duty , service abroad , shipboard duty naval service aboard a ship at sea shore duty naval service at land bases fool's errand a fruitless mission mission impossible an extremely dangerous or difficult mission martyr operation , sacrifice operation , suicide mission killing or injuring others while annihilating yourself; usually accomplished with a bomb secondment the detachment of a person from their regular organization for temporary assignment elsewhere type of: duty work that you are obliged to perform for moral or legal reasons
• noun the act of putting a person into a non-elective position synonyms: appointment , designation , naming see more see less types: show 6 types... hide 6 types... nomination the act of officially naming a candidate co-optation , co-option the act of appointing summarily (with or without the appointee's consent) delegacy the appointment of a delegate ordinance , ordination the act of ordaining; the act of conferring (or receiving) holy orders recognition designation by the chair granting a person the right to speak in a deliberative body laying on of hands laying hands on a person's head to invoke spiritual blessing in Christian ordination type of: conclusion , decision , determination the act of making up your mind about something
• noun the act of distributing something to designated places or persons “the first task is the assignment of an address to each datum” synonyms: assigning see more see less types: allocation , storage allocation (computer science) the assignment of particular areas of a magnetic disk to particular data or instructions type of: distribution the act of distributing or spreading or apportioning
• noun (law) a transfer of property by deed of conveyance synonyms: grant see more see less types: apanage , appanage a grant (by a sovereign or a legislative body) of resources to maintain a dependent member of a ruling family land grant a grant of public land (as to a railway or college) type of: transferred possession , transferred property a possession whose ownership changes or lapses
• noun the instrument by which a claim or right or interest or property is transferred from one person to another see more see less type of: instrument , legal document , legal instrument , official document (law) a document that states some contractual relationship or grants some right

Vocabulary lists containing assignment

The Dawes Act, or General Allotment Act of 1887, was a law that allowed the U.S. government to take Native American tribal lands and divide them into 40 acre lots for individual Native Americans. The goal was to break up communal tribal lands and speed the assimilation of Native Americans into American society. The Dawes Act caused great suffering with much of the land winding up in the hands of white settlers.

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Meaning of assignment in English

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• It was a plum assignment - more of a vacation really.
• He took this award-winning photograph while on assignment in the Middle East .
• His two-year assignment to the Mexico office starts in September .
• She first visited Norway on assignment for the winter Olympics ten years ago.
• He fell in love with the area after being there on assignment for National Geographic in the 1950s.
• act as something
• all work and no play (makes Jack a dull boy) idiom
• be at work idiom
• be in work idiom
• housekeeping
• in the line of duty idiom
• join duty idiom
• undertaking

You can also find related words, phrases, and synonyms in the topics:

assignment | Intermediate English

Assignment | business english, examples of assignment, collocations with assignment.

These are words often used in combination with assignment .

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Translations of assignment

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sink or swim

If you are left to sink or swim, you are given no help so that you succeed or fail completely by your own efforts.

Fakes and forgeries (Things that are not what they seem to be)

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• assignment (noun)
• My assignment was to clean the equipment. = They gave me the assignment of cleaning the equipment.
• The students were given a homework assignment .
• The reporter's assignment is to interview the candidate.
• The reporter is here on an assignment .
• The reporter is here on assignment .
• The article discusses the recent assignment of senators to some of the more powerful committees.
• her assignment to the embassy in India
• the computer's assignment of a number to each image
• the assignment of blame/responsibility
• the assignment of property
• She asked if she could change her seating assignment .

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Definition of assignment noun from the Oxford Advanced American Dictionary

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• 2 [ uncountable ] the act of giving something to someone; the act of giving someone a particular task his assignment to other duties in the same company

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Assignment definition

What does assignment mean.

An assignment is 'an immediate transfer of an existing proprietary right, vested or contingent from one party to another'. Assignments can occur by consent or by operation of law.

A consensual assignment occurs by way of a gift or consideration. Assignments by law can occur during life or on death and will transfer the benefit of rights to the assignee but will not make the assignee personally liable. An attempt to transfer benefits under a contract of personal performance will not be effective.

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Property warranties (short-form) in an asset purchase, step-in rights and sra compliance clauses: law firm outsourcing agreement.

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How might the european commission proposal for new conflict of law rules for assigned claims impact the secondary loan market.

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• What is market capitalization? 
• Market-cap formula and example

Market capitalization categories

• Why it matters 
• Limitations

Market Capitalization: Understanding a Company's Value in the Stock Market

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• Market capitalization (market cap) is the total value of all a company's shares of outstanding stock.
• Stocks are often categorized by the size of their market cap: large-cap, mid-cap, small-cap, or micro-cap.
• An indicator of financial strength, market capitalization suggests how risky a stock is and what kinds of returns it might offer.

A big part of equity investing is trying to figure out what a company is worth. If you can measure a company's value, you'll be in a better position to know whether you want to commit your hard-earned capital to its stock. 

One of the most common ways to evaluate public companies is by market capitalization, or "market cap" for short.

What is market capitalization? 

Definition .

Market capitalization is the total value of a company's outstanding shares of stock. In essence, it's what it would cost you if you were to buy up all of its outstanding shares at the current share price. It is a way of sizing up the value that investors give a company. Expressed in dollar figures (or whatever the local currency), it's made up of two factors: the number of a company's outstanding shares, and the price of each share.

Market cap is an important concept because it allows investors to understand the size of a company and how much it's worth on the market. Investors can also use a company's market cap as an important tool when assessing the risk of a particular business. Smaller companies may have above-market growth prospects, meaning their revenue and earnings may expand at a more rapid pace than the broader stock market. 

Larger companies, on the other hand, may be more established and stable in terms of maintaining their stock values. They might also pay dividends, which can be helpful for investors looking to draw an income from their holdings. 

Investors can also use a company's market-cap to compare it to other businesses in the same sector or industry. 

There are several market-cap categories that investors can benefit from knowing. Being familiar with these categories, as well as the relationship between market cap and investment risk, can be quite helpful. 

Large-cap 

Large-cap stocks represent companies that have a market capitalization value of at least $10 billion. Large caps are usually mature, well-established companies that have been consistently successful and pay regular dividends. Though they lack great growth potential, large caps are a favorite of conservative investors for their steady payouts and prices.

The companies that make it to the large-cap category tend to have several characteristics in common.

• They're transparent. Financial information about these companies is publicly available, as are reams of expert analysis and forecasting. It's easy to find the information you need to make well-informed investment decisions about these companies. 
• They pay dividends. Because they are so well-established in the market, these companies can commit to relatively high dividends. That means investors can expect consistent income from their company shares — payouts for immediate income or to reinvest back into the company. 
• They're stable. These are typically companies that have been around a while — decades, even a century — and have weathered some challenging economic conditions. Their operations, earnings, and share prices remain steady, no matter what the stock market overall is doing.

Mid-cap 

Mid-cap stocks represent companies that have a market value between $2 billion and $10 billion. Mid caps are usually moderately risky but generally stable companies that still have room to expand. Since mid caps often offer both dividends and price appreciation, they can give investors a balance between income and growth.

While equity analysts, money managers, and stock-picking pundits publish up-to-the-minute data on the performance of both giant corporations and small, up-and-coming companies, you often have to dig for information about the mid-cap enterprises.

But this category of companies is actually made up of many reputable businesses and they tend to perform relatively well. The S&P MidCap 400 Index , which tracks 400 middle-capitalization companies, has a 10-year annualized return of about 9%, compared with 11% for the S&P 500, which is made up of large-cap stocks mostly with market values of $10 billion or more. 

The companies that make up the mid-cap segment tend to have several characteristics in common.

• They're large — but not enormous. These companies are often well-established in their region or in their industry. But they're usually not too big to fail if there is a real threat to the business or if the market for their goods and services dries up.
• They often pay dividends. While large caps get much of the attention from income investors, many mid-caps are doing well enough that they can share profits with stockholders. While they reinvest earnings back into the business, they can also pay out substantial dividends. 
• They're fairly stable. Mid caps don't usually have the same diversified business model or access to resources that help large caps weather economic challenges and stock-market trends. Still, mid-cap companies typically have a track record of steady performance over a significant period of time — often years or decades. In the investment scheme of things, they're of moderate or middle (that word again!) risk.

Small-cap 

Small-cap stocks are companies that have a market capitalization value between $300 million and $2 billion. Small caps are often new companies, focused on a niche market, or struggling financially. While small caps tend to be volatile and rarely offer dividends, they have a lot of growth potential and are often undervalued.

The following are characteristic of small cap stocks:

• They're — you guessed it — little guys. These companies are often limited in size or outreach or both. They may be regional or not yet well established in the field. That means they have lots of room to grow, but also lots of room to fail. They may also become acquisition targets for larger corporations.
• They rarely provide income. Many small caps don't pay dividends, preferring to reinvest their profits back into the company for further growth. They're not a great choice for income investors.
• They're volatile. Many small-cap stocks attract excitement — but not a lot of actual investors. Their trading volume is low. That, along with their general lack of track record, means they tend to see large or sudden swings in price.

Micro-cap 

Even smaller than small cap stocks, micro caps typically represent companies that have a market capitalization below $300 million. Of all the sizes mentioned, micro-cap stocks carry the greatest risk but also the highest potential to expand. 

Why market capitalization matters 

Investors .

Investors can leverage market cap to evaluate the size of a company and its corresponding growth potential. This information can be quite helpful when it comes to portfolio risk management. 

Since companies of different market-cap sizes vary in terms of their growth potential, income payments, and risk, spreading your investments among them is one way to balance your portfolio between appreciation and income, between conservative and aggressive.

Often, investors focus on a particular market-cap segment. Some may choose to stick with the big, stable, large caps — especially if they want to preserve their capital or derive income from their investments. Others may be attracted to the more volatile — and exciting — small caps, especially if they have a long time horizon to weather volatility or like aggressive growth stocks.

Cutting across industries and industrial sectors, each market cap group encompasses a big variety of companies and stocks. Still, analysts do note common tendencies and characteristics among stocks of similar market caps.

For example, Robert R. Johnson , professor of Finance at Creighton University, notes that small caps may be more volatile than mid and large caps — but they tend to perform better. Large-cap stocks provided average returns of about 10% annually from the early 20th century to the early 21st century, compared with about 12% for small caps, he says. 

It doesn't sound like much in percentage terms. However, "over many years, that difference is enormous: one dollar invested in large-caps at the end of 1925, with dividends reinvested, would have grown to $9,243.90. That same dollar invested in small-caps would have grown to $39,380.90," Johnson notes. "The bottom line is that small-cap stocks provide higher returns, on average — but that comes at the cost of greater risk."

Companies 

The market cap of a company could impact its ability to access credit. More specifically, larger companies may have an easier time securing funding and may also be able to obtain lower borrowing costs. This is based on lenders' perceptions that larger companies may be more creditworthy. 

A company's market cap might also impact its acquisition potential. Larger companies (for example, IBM) may focus on buying up smaller companies, both so they can eliminate them as competition and also so they can add their revenue streams by gaining access to their products, services, staff, and customers. 

If a large company is looking to engage in such mergers and acquisitions activity, it might view another sizable organization as a possible target to be involved in a so-called merger of equals. 

Limitations of market capitalization 

Not the only valuation metric .

Market-cap is only one way to value a company. There are many other methods you can use, for example the price-to-earnings ratio (P/E), price-to-book ratio (P/B), and enterprise value. 

The P/E ratio looks at how expensive a company's shares are relative to its earnings per share. This can give you a quick sense of whether a company is undervalued or overvalued. 

The P/B book ratio compares the price of a company's stock to that organization's book value, which is how much the entity would be worth if it resolved all its debts and sold off its assets. 

The enterprise value is determined by calculating a company's market cap, adding its cash and then subtracting what it would need to pay to resolve all its debt. 

Market volatility

The relative volatility of the stock market can have an impact on the usefulness of market cap. A company's market cap is tied in with price movements, which can be quite significant in the short and long term. 

Market capitalization FAQs

There is no particular market cap for a stock that is considered "good," as it all depends on your investing objectives and risk tolerance. 

A substantial market cap does not denote that a company is "safe" to invest in. Major companies can face significant volatility, especially if there is a market crash. 

You can find a company's market cap either on its corporate website or through many different financial websites. 

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Synonyms of assignment

• as in lesson
• as in appointment
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Thesaurus Definition of assignment

Synonyms & Similar Words

• responsibility
• undertaking
• requirement
• designation
• appointment
• authorization
• installment
• installation
• destination
• emplacement
• investiture
• singling (out)

Antonyms & Near Antonyms

• dethronement

Synonym Chooser

How does the noun assignment contrast with its synonyms?

Some common synonyms of assignment are chore , duty , job , stint , and task . While all these words mean "a piece of work to be done," assignment implies a definite limited task assigned by one in authority.

When is it sensible to use chore instead of assignment ?

While the synonyms chore and assignment are close in meaning, chore implies a minor routine activity necessary for maintaining a household or farm.

When is duty a more appropriate choice than assignment ?

Although the words duty and assignment have much in common, duty implies an obligation to perform or responsibility for performance.

When might job be a better fit than assignment ?

The synonyms job and assignment are sometimes interchangeable, but job applies to a piece of work voluntarily performed; it may sometimes suggest difficulty or importance.

When could stint be used to replace assignment ?

In some situations, the words stint and assignment are roughly equivalent. However, stint implies a carefully allotted or measured quantity of assigned work or service.

When can task be used instead of assignment ?

The meanings of task and assignment largely overlap; however, task implies work imposed by a person in authority or an employer or by circumstance.

Thesaurus Entries Near assignment

assignments

Cite this Entry

“Assignment.” Merriam-Webster.com Thesaurus , Merriam-Webster, https://www.merriam-webster.com/thesaurus/assignment. Accessed 30 Jun. 2024.

More from Merriam-Webster on assignment

Nglish: Translation of assignment for Spanish Speakers

Britannica English: Translation of assignment for Arabic Speakers

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U.S. Department of Commerce

• Fact Sheets

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Fact sheet: u.s. department of commerce support for minority business enterprises, office of public affairs.

Achieving the full potential of the U.S. economy requires that every American entrepreneur can start and grow their business regardless of background. Yet some communities face disproportionate barriers to the resources needed to turn their entrepreneurial dreams into reality. For example, the U.S. Federal Reserve found that more than half of Black-owned businesses were turned down for bank loans, a rate twice as high as white business owners. Black-owned businesses received less than 1 percent of venture dollars and Latino/a-owned businesses received less than 2 percent in 2022, according to CrunchBase. The Department of Commerce is supporting and investing in minority business enterprises (MBEs) to ensure that every entrepreneur can contribute to U.S. economic competitiveness.

The Department of Commerce provides technical assistance to socially and economically disadvantaged entrepreneurs:

• In 2023, MBDA launched the first of its kind Capital Readiness Program, the largest program for minority and other underserved entrepreneurs in Department of Commerce history. The program invests $125 million in 43 incubators and accelerators to help socially and economically disadvantaged entrepreneurs, including MBEs, develop the necessary networks and experience to pitch investors, raise capital and grow their businesses.
• In the last two years, MBDA invested $3.5 million across seven HBCUs through the Minority Colleges & Universities Pilot Program to catalyze entrepreneurship opportunities for undergraduate students at Minority Serving Institutions.
• Businesses that export earn higher revenues, create more jobs, and pay better wages. But less than 3% of the U.S.’s 1 million employer MBEs export their goods or services. Businesses in underserved communities have unique comparative advantages and huge potential for growth. But these same businesses often face obstacles: lack of opportunity, inaccurate perception of risk, insufficient financing, and challenges identifying and vetting potential partners. ITA provides critical assistance to underserved businesses, including MBEs, across the nation.
• Entrepreneurs from underserved communities often face barriers to obtaining patents. USPTO donated over $39.3 million in free legal services to inventors and small businesses, including MBEs, from 2015-2022 through the Patent Pro Bono Program to help address these barriers. This program matched 524 applicants to volunteer patent practitioners in 2023. USPTO is also expanding access to free legal and other educational resources including the Law School Clinic Certification Program.

The Department of Commerce directly invests in MBEs and underserved communities including:

• The CHIPS and Science Act fosters economic opportunity for all suppliers, including minority-owned businesses. The first CHIPS for America funding opportunity requires applicants to document how they will include small businesses, minority-owned businesses, veteran-owned businesses, and women-owned businesses in their pool of suppliers.
• NTIA has made available $60 million for states, territories and native entities to develop digital equity plans. NTIA will provide $1.4 billion for capacity grants to fund these state plans and help fund other digital equity programs. NTIA will also provide an additional $1.2 billion in competitive grants for additional digital equity programming.
• NTIA provided awards to 43 HBCUs through the Connecting Minority Communities Pilot Program, representing 51% of total funding. This program addresses disparities in campus internet connectivity and equipment access for students and faculty.
• As a whole, the Internet for All program will bring affordable, high-speed internet to roughly 8 million unserved locations, including millions of businesses and households in communities of color, rural, and tribal areas.
• This prioritization ensures that EDA’s historic new investments, including the Good Jobs Challenge, Build Back Better Regional Challenge, Tech Hubs Program, and Recompete Pilot Program, as well as EDA’s core programs, consider equity when awards are made.
• EDA will track progress toward these goals by measuring estimated jobs created and retained for underserved communities and geographies, including communities of color, private investment funds leveraged by underserved communities and geographies, including communities of color, and total sum of funding secured by entrepreneurs in these communities.
• In fiscal year 2023, EDA invested approximately $2.5 million in six HBCUs projects to support equitable economic growth and help communities develop regional capacity. For example, a Spelman College award enables targeted assistance to early- and mid-stage Black STEM entrepreneurs from the Atlanta metropolitan area.
• In 2024, the Department of Commerce is on track to award 22 percent of contracts to small, disadvantaged businesses, including MBEs, surpassing the Government-wide goal of 15 percent. 

President Biden directed agencies to make Federal contracting and procurement opportunities more available, to remove barriers faced by underserved individuals and communities and to increase the share of contracts awarded to Small Disadvantaged Businesses (SDBs), which includes MBEs, to 15% by Fiscal Year (FY) 2025. Commerce has historically done very well in awarding contracts to SDBs, averaging approximately 21% (FY 2019 – FY 2023) of contract dollars obligated to SDBs. Doubling down on engagement and recruitment, Commerce is on track to exceed that average.

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