Management Glossary

  Terms beginning with l
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limited liability company

A company that has been legally incorporated and is a legal entity onto itself. Except under rare circumstances, the owners of the company are not responsible for the liabilities of the company beyond the money that the owners put into it to buy shares and any money the owners still owe the company for shares they bought.

Contributed by: Managerwise Staff
See: limited liability company

line of credit

An amount of money that a bank or other financial institution has pre-approved to lend to a company or individual, but which the potential borrower has not yet and may never borrow. Financial institutions often charge a fee for establishing a line of credit. The line of credit may be secured (meaning that the potential borrower has pledged tangible assets that the lender can claim to cover the debt if the prospective borrower does in fact borrow the funds, but does not pay them back) or unsecured. Funds borrowed under an unsecured credit line typically must be paid off within one year.

Contributed by: Managerwise Staff

liquidity
The amount by which the value of a firm's saleable assets exceed its liabilities.
Contributed by: ManagerWise Staff
See: asset, liability

LLC

Limited Liability Company

Contributed by: Managerwise Staff
See: limited liability company

lockout
During a labor dispute management prevents its union employees from coming to work and doing their jobs, before the union has called a strike.
Contributed by: ManagerWise

long-term liabilities
Debts that are due at least one full calendar year in the future.
Contributed by: ManagerWise Staff



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