Glossary Archive

Limited Liability Company (LLC) A Limited Liability Company (LLC) is a type of business structure that combines the benefits of both a corporation and a partnership or sole proprietorship. It provides its owners, known as members, with limited liability protection, meaning that their personal assets are generally protected from the debts and liabilities of the...

Limited Liability Company (LLC) A Limited Liability Company (LLC) is a business entity that combines the characteristics of a corporation and a partnership or sole proprietorship. An LLC provides its owners, known as members, with limited liability protection, meaning their personal assets are generally protected from the company’s debts and legal obligations. An LLC is...

Limited Liability Partnership (LLP) A Limited Liability Partnership (LLP) is a specific type of partnership that provides its partners with limited personal liability for the debts and obligations of the partnership. This structure is designed to protect individual partners from being personally liable for the negligence or misconduct of other partners, thereby limiting their financial...

Limited Liability Partnership (LLP) A Limited Liability Partnership (LLP) is a business structure that combines the features of a partnership and a corporation. It provides its partners with limited liability protection, meaning that partners are generally not personally responsible for the debts and liabilities of the partnership. This structure is particularly popular among professionals such...

Limited Partnership (LP) A Limited Partnership (LP) is a specific type of business structure that includes at least one general partner and one or more limited partners. This arrangement allows for a combination of investment and management roles, where the general partner manages the business and is personally liable for its debts, while the limited...

Limited Partnership (LP) A Limited Partnership (LP) is a form of business organization that consists of at least one general partner and one limited partner. The general partner manages the business operations and is personally liable for the debts and obligations of the partnership. This means they take on full responsibility for any financial liabilities...

A Limited Power of Attorney is a legal document that grants an individual (the agent or attorney-in-fact) the authority to act on behalf of another person (the principal) in specific matters or for a limited period of time. This type of power of attorney is often used when the principal needs assistance with particular transactions...

Limited Warranty Deed Clause A Limited Warranty Deed Clause is a provision within a limited warranty deed that outlines the extent of the grantor's obligations and guarantees regarding the title of the property being conveyed. A limited warranty deed itself is a type of property deed in which the grantor provides a limited warranty of...

Liquidated Damages Liquidated damages are predetermined amounts of money that are agreed upon by parties in a contract to be paid as compensation for specific breaches of the contract. They serve as a way to establish a clear and agreed-upon measure of damages in case of non-performance or delay, thus avoiding disputes regarding the amount...

Liquidated Damages Clause A liquidated damages clause is a provision in a contract that specifies a predetermined amount of money that one party agrees to pay to the other in the event of a breach of the contract. This clause is designed to provide a clear and agreed-upon remedy for potential losses, rather than requiring...