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Glossary

 
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Glossaries

Term Definition
Key-man Insurance
Insurance designed to provide succession planning for key personnel in a business and to provide for their surviving loved ones.
lease
An agreement to convey a possessory right in real or personal property, but not an ownership right.
Lease Assignment
A document transferring rights of a tenant under a lease to another, usually with the consent of a landlord.
Letter of Intent
A letter intended to convey deal points in a non-binding way for the purpose of achieving the framwork of a deal which can later be memorialized more thoroughly by the legal paperwork.
Leverage
The use of a loan to acquire property.
License
A revocable form of permission to use an asset or idea.
life estate
A form of holding title that says that conveys a possessory interest to a person for his or her life, and then has the property revert to another upon their death.
limited liability company (LLC)
An entity that is less formal than a corporation, but which accomplishes many of the same goals.
Limited Liability Partnership (LLP)
An entity of professional partners.
limited partnership
An entity with operating general partners, who incur liability, and non-operational limited partners, whose liability is limited.
Living Will
A health care directive designed to explain end-of-life medical decisions.
Managers
Individuals in control of LLC operations
Members
owners of an LLC
Membership Sale
Transfer of interests in an LLC
No Contest Clause
A clause in a will or trust that states that if any beneficiary contest or challenges the document's validity, that their portion of the estate will be revoked.