Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

LIFT VAN

Personal goods and merchandise are exported overseas in this sturdy wooden crate.

LIGHT INDUSTRY

Consumer electronics and clothing manufacturing are examples of light industry. It is part of an economy’s secondary industry. It has less capital-intensive and more labor-intensive operations. End consumers rather than other businesses

LIGHT EMITTING DIODE (LED)

Electronic device, the diode, that emits light by restricting electric current through it. LED-based lighting bulbs consume little current and last for decades. Red or green came from older LEDs made from

LIFETIME EXPOSURE

In one’s estimated 70-year lifetime, the exposure to a substance that one will get as a total value.

LIFE INCOME WITH PERIOD CERTAIN ANNUITY

Regular payment of a certain sum for the life of the annuitant guaranteed by this annuity. Payments continue to a designated beneficiary until the end of a set period in case the

LIKERT SCALE

This is a statistical term. A numerical value coincides with each potential choice. A mean value for all the responses is calculated at the end of the evaluation or survey. This is

LIKE-KIND EXCHANGE

Until a property received in exchange is sold or disposed of, an exchange of similar business or investment assets with any gain or loss is not recognized.

LIMIT MOVE

The maximum price fluctuation for a given contract on the futures markets. Typically triggers a trading halt as measured against the previous day’s close. Refer to Locked Limit Down; Locked Limit Up.

LIMIT BUY ORDER

A promise to buy securities between broker and buyer if the peak financial condition is reached.

LIMIT ORDER

At a specific maximum or minimum price, client-to-broker instruction say buy or sell an item. An action in commodities and securities trading. A balance may be kept for later execution If the

LIGHTWEIGHT DIRECTORY ACCESS PROTOCOL (LDAP)

Nonproprietary, open standard used for index formatting in system access directories. Based on X.500 standard, and much simpler and smaller, LDAP supports TCP/IP for internet access, storing and retrieving names, addresses, phone

LIMITED ACTION

Court action’s decision to recover or compensate damages for less than or equal money than the law allows. Such decisions often happen quicker than full recovery.

LIMITED GUARANTEE

A specific obligation fulfilling a written undertaking. Also known as specific guarantee.

LIMITED LIABILITY LIMITED PARTNERSHIP (LLLP)

For accountants, architects, lawyers, and other professionals to eliminate personal liability as a partner for damages caused by other partners, they enter into this US partnership arrangement.

LIMITED LIABILITY COMPANY (LLC)

US business structure type that is relatively recent. It combines corporation limited personal liability with partnership or sole proprietorship single taxation. Each shareholder files own separate tax return. Profits and tax benefits

LIMITED AGENT

In some states, this type of agent has lesser education and licensing requirements. An agent allowed to deal only is specific forms of insurance, like travel insurance.

LIGHTER ABOARD SHIP (LASH)

For moving cargo from ship to shore and the other way around, a barge or other shallow water craft is carried onboard a ship.

LEVEL OF SERVICE

Effort in providing service appropriate to satisfy customer needs and desires of clientele the firm wishes to attract and is not a profit killer. Measured amount and kind of service

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