Paid-up capital – The total amount of shareholder capital that has been paid in full by shareholders.

Partnership – a legal business relationship of two or more people who share responsibilities, resources, profits, and liabilities.

Patent – A patent is a right granted for any device, substance, method or process which is new, inventive and useful. A patent is legally enforceable and gives the owner the exclusive right to commercially exploit the invention for the life of the patent.

Payable – refers to a debt that is due to be paid.

Pay as you go (PAYG) – a system for business and individuals to pay expected tax liabilities in installments. Depending on the circumstances, installments can be paid quarterly, bi-annually or annually.

Payee – person to whom money is paid.

Personal assets – all items that you personally own including the money in the bank, whatever is owed to you, securities/shares , property automobile, furniture, appliances and other miscellaneous items.

Personal development plan – a plan to develop the skills and capabilities of an individual through training, coaching, mentoring, learning and other experiences. This is often developed alongside a progression plan.

Personnel – persons collectively in the employ of a business.

Petty cash – a small amount of money kept for minor purchases for the business.Posting – making entries in an accounting system or book from original documents such as invoices and receipts.

Power of attorney – power to act on behalf of another person for specified purposes.

Premium – consideration paid for an insurance policy.

Principal – in the case of a loan, refers to the actual amount borrowed and on which interest is paid.

Private (company) – is owned by shareholders, and which is not publicly traded on the stock exchange. Private can also mean an entity which is a non-government organisation.

Probability (AS/NZS 4360) (Risk Management) – a measure of the chance of occurrence expressed as a number between 0 and 1. The extent to which an event is likely to occur.

Productivity – a measure of the activity of a business based on a comparison of input and output.

Profit – total revenue less total expenses for a period of time calculated in accordance with generally accepted accounting principles.

Profit and loss statement – statement of revenue and expenses showing the profit or loss for a certain period of time.

Profit margin – the ration of net income to net sales expressed as a percentage..

Progression plan (staff) – a program in a business providing a clear steps for employees who wish to progress to higher roles within the firm.

Pro-forma invoice – a document giving all the details of a proposed transaction in advance.

Projection – a forecast of future trends in the operation of a business.

Promotion – marketing tactic which increases public or industry awareness of a business and its services or goods.

Proprietorship – business owned and operated by a single person.

Proprietary company - a company that is registered as, or converts to, a proprietary company under the Corporations Act 2001 (Cth). A proprietary company must have no more than 50 non-employee shareholders.

Pro rata – in proportion.

Public (company) – a company can offer shares to the public and can be traded on a public exchange, such as the Australian Stock Exchange (ASX).

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