Dictionary

Definition:   the process of determining liabilities and apportioning the assets in order to discharge the indebtedness of a business to be sold Pronunciation:  \ˌli-kwə-ˈdā-shən\ Used in a Sentenc...

Definition:   the amount of valuable consideration specified in an agreement as a penalty for default Pronunciation:   \ˈli-kwə-ˌdāt\ \ˈda-mij\ Used in a Sentence:    Some contracts have a special ...

Definition:   descended in a direct family line; related by a direct series of parents and children Pronunciation:  \ˈli-nē-əl\ Used in a Sentence:   He claims he is a lineal descendant of a famous...

Definition:   a business entity consisting of one or more general partners and one or more limited partners Pronunciation:   \ˈli-mə-təd\ \ˈpärt-nər-ˌship\ Used in a Sentence:    A limited partners...

Definition:   a business entity that features protection from personal liability but with fewer legal restrictions compared with other business entities Pronunciation:  \ˈli-mə-təd\ \ˌlī-ə-ˈbi-lə-t...

Definition:   an alternative, hybrid business entity with the combined characteristics and benefits of both limited partnerships and S corporations. Pronunciation:    \ˈli-mə-təd\ \ˌlī-ə-ˈbi-lə-tē\...

Definition:   any estate in real or personal property that is limited in duration to the life of its owner or some other designated person Pronunciation: Used in a Sentence:   A life estate is term...

Definition:   legal concept that regards a mortgage as a just claim on specific property pledged as security for a mortgage debt Pronunciation:   \ˈlēn, ˈlē-ən\ \ˈthē-ə-rē, ˈthir-ē\ Used in a Sente...

Definition:   a legal claim that someone or something has on the property of another person until a debt has been paid back Pronunciation:   \ˈlēn, ˈlē-ən\ Used in a Sentence:    The property in qu...