Dictionary

Limited Partnership

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 partnership is not...

Limited Liability Partnership

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-tē\  \ˈpärt-nər-ˌship\ Used in a Sentence:   A limited liability partnership...

Limited Liability Company (llc)

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\ \ˈkəmp-nē, ˈkəm-pə-\ Used in a Sentence:   We decided to...

Life Estate

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...

Lien Theory

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 Sentence:   Today...

Lien

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:  ...