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BUSINESS LAW GLOSSARY |
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Glossary of Business
Law Terms
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the first letter of the word from the list above to go to
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Legal Tender: All money issued by the
government.
Libel: A libel case consists of published
material with the following criteria: (1) The material is defamatory; (2) the
written statements are about someone who is identifiable and living; (3) the
material is distributed to someone other than the victim. A key in a libel case
is that the victim's reputation must suffer as a result of these written words
in order for the action to be actionable.
Limited Liability: The maximum amount a
person participating in a business can lose or be charged in case of claims
against the company or its bankruptcy. A stockholder in a corporation can only
lose his/her investment.
Limited Liability Company: A new and
flexible business organization that offers the advantages of liability
protection with the simplicity of a partnership.
Limited Partnership: A special type of
partnership which is very common when people need funding for a business, or
when they are putting together an investment in a real estate development.
Liquidate: To sell the assets of a
business, paying bills and dividing the remainder among shareholders, partners
or other investors.
Liquidation Preference: Certain classes of
stock (usually preferred stock) may have a liquidation preference, which
entitles the holders to be paid first in the event of the liquidation of a
corporation's assets.
Loss of Consortium: Damages awarded to a
family member (usually a spouse) for loss of companionship.
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