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

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.

LIGHTEN UP

1. To make something lighter. An example is taking inventory off a truck. 2. To liquidate a securities positions. Moving investment portfolio holdings to cash. Selling stocks or bonds to lighten up

LIKE-FOR-LIKE SALES

To determine what type of products moved quicker than others, companies use this method of comparing current year sales figures to prior years sales figures.

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

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.

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 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 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 PARTNERSHIP UNIT

A share certificate representing one unit of ownership in a partnership which has both general and limited partners, known as limited partnership. Limited partners invest in the venture and receive a prestated

LIGATURES

Characters specially designed to give a better ‘eye appeal’ to the printed text. They are not meant for headlines. Two characters, as ‘fi’ in ‘fight’, or three as ‘ffi’ in ‘affiliate’ are

LIMITED OCCUPANCY AGREEMENT

Used by a property buyer wanting to move in prior to purchase closing. This arrangement type allows property occupation at an agreed-upon date under specific pre-conditions.

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.

LEVERAGE

Use of existing power, information, and material to obtain a successful result, minimizing overall resource expenditure. Influential capability over a system, or environment, to multiply results from one’s efforts with no corresponding

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