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

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 LIABILITY

The legal protection limiting each shareholder to the par value of fully paid-up company shares to cover the financial liability of the company’s debts and obligations in a privately or publicly owned

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

LIMITED PARTNER

A co-owner of an organized, limited partnership business, having limited personal liability for the firm’s debts, who does not participate in the company’s management. Also known as nominal partner. Contrast to a

LIMITED PAYMENT LIFE

An insured’s whole life is covered by this insurance but only required for a set numbers of years to pay premiums.

LIMITED WARRANTY

Manufacturers product guarantee as a written statement that sets conditions and time limit that the product will work as stated. such warranties are typically limited to repair or replacement of the item

LINE EXTENSION

A firm markets one or more new products in an established and well-known brand name as a multi-product branding strategy. The objective is to take advantage of widespread name recognition of the

LINE ART

A single-color drawing having little or no solid areas, no shading effect other than crosshatching, like one made with a pen or pencil. Line art can be printed without conversion to a

LINE ITEM BUDGET

A budget with grouped cost centers or departments as individual financial statement items. Current and future period estimated figures is compared to past accounting or budgeting period financial data.

LINE ITEM

A discreet unit of information in a document, record, or statement, displayed on its own separate line. A budget element separately identified is often referred to as a line item.

LIMITS

In Insurance, this is a multi-used term. Loss or damage payout typically has a maximum benefit as a limit. An insurer often has an age limit beyond which no policy will be

LIMITED LIABILITY PARTNERSHIP (LLP)

To prevent liability as a partner for the negligent acts caused by any other partners or any one else not under his or her command, one enters into this type of US

LIAISON

1.Communicators for two entities; typically, a corporate situation. 2. Entity responsible for communications from one party to another. 3. Thickener substance for a stew or sauce.

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