1. lease: A contract that specifies the terms under which the owner of an asset (the lessor) agrees to transfer the right to use the asset to another party (the lessee).
2. ledger: A book of accounts in which data from transactions recorded in journals are posted and thereby classified and summarized.
3. legal capital: The amount of contributed capital not available for dividends; usually equal to the par or stated value of outstanding capital stock.
4. less than truckload (see “LTLâ€Â): A quantity of freight less than that required for the application of a truckload rate. The historical definition for LTL freight is shipments under 10,000 pounds. LTL carriers are carriers which specialize in shipments less than 10,000 pounds. However, competition from other freight carriers restricts shipments for most LTL carriers to the range between 300 and 3000 pounds.
5. lessee: The party that is granted the right to use property under the terms of a lease.
6. lessor: The owner of property that is rented (leased) to another party.
7. liabilities: Obligations measurable in monetary terms that represent amounts owed to creditors, governments, employees, and other parties.
8. license: The right to perform certain activities, generally granted by a governmental agency.
9. LIFO (last-in, first-out) An inventory cost flow whereby the last goods purchased are assumed to be the first goods sold so that the ending inventory consists of the first goods purchased.
10. Limited Liability Company (LLC): A form of organization that may be treated as a partnership for federal tax purposes and that has limited liability protection for the owners at the state level. The entity may be subject to state franchise tax as a corporation.
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