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lay-by

an arrangement where the customer in a retail store makes a deposit on an article and pays the amount owing in instalments, while the retailer stores the article until the last payment has been made.

lease

a legal contract covering the possession and use of property, plant or equipment between the owner (lessor) and another person (lessee) at a given rent, for a stated length of time.

leasing finance

a method of acquiring business equipment without capital outlay. the bank or finance company buys the equipment and leases it to the customer, in return for regular rental payments for the duration of the lease period.

lessee

a person who enters into a lease contract as the user of the land, buildings, plant or equipment.

lessor

an owner who allows his/her land, buildings, plant or equipment to be used under a lease contract.

limited partnership

a legal partnership where some owners are allowed to assume responsibility only up to the amount invested.

liquidate

to settle a debt or to convert to cash. This literally means to do away with.

liquidator

a qualified person appointed by a court to close down a business that is a proprietary company and realise and distribute its assets in payment of its liabilities.

liquidity ratio

a comparison of two accounts in a Balance Sheet, current assets divided by current liabilities.

loan

money lent at interest. A lender makes a “loan” with the idea that it will be paid back as agreed and that interest will be paid for the use of the money.

loss of profits insurance

insurance to cover loss of profits incurred by the policyholder in the event of some calamity overtaking the policyholder’s business, so that trading has to cease.

2018-04-26T09:42:00+00:00

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