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Limited Liability Company (LLC)
Limited Liability Company (LLC)
LLCs are a relatively recent form of business organization. An LLC combines the most attractive features of limited partnerships and corporations.
SIMILAR TERMS--------------------------------------
Limited partnership
A partnership consisting of one or more general partners who conduct the business and are responsible for losses, and one or more special partners, who contributes capital and are liable only to the amount contributed.
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Lifetime rate cap
In an adjustable rate mortgage (ARM), it limits the amount that the interest rate can increase or decrease over the life of the loan.
Lifting clause
A provision in a junior mortgage that allows the underlying senior loan to be replaced or refinanced so long as the amount of the new senior loan does not exceed the amount of the first lien outstanding at the time the junior loan was made.
Like-kind
A term relating to the nature of a property rather than its quality or quantity. Only like kind properties qualify for a real estate exchange and the resulting tax benefit.
Like-kind exchange
A tax-deferred exchange of similar items you use in your business or hold for investment, not including securities and other indebtedness or interests such as stocks and bonds.
Like-kind property
A term used in an exchange of property held for productive use in a trade or business or for investment. Unless cash is received, the tax consequences of the exchange are postponed pursuant to Section 1031 of the Internal Revenue Code.
Limited Liability Company (LLC)
Limited partnership
A partnership consisting of one or more general partners who conduct the business and are responsible for losses, and one or more special partners, who contributes capital and are liable only to the amount contributed.
Line of credit
An amount of money stipulated by a commercial bank to an active customer on an annual basis.
Lintel
A horizontal piece over a door or window that carries the weight of the structure above it.
Liquefaction
A phenomenon which occurs during an earthquake whereby the ground-soil turns into a highly unstable, jelly-like substance.
Liquid asset
A cash asset or an asset that is easily converted into cash.
This dictionary contains 6433 terms. |
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