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Limited liability
A legal structure where business owners or shareholders are only responsible for company debts up to the amount they invested. Their personal assets are protected. It’s a key feature of corporations and limited liability companies (LLCs), reducing individual financial risk.
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Lump-Sum Purchase
A single payment made to buy multiple assets in one transaction, such as buying land and a building together. The…
Long-Term Debt
Financial obligations due more than one year from the reporting date. It includes bonds, bank loans, or lease obligations. Long-term…
Liquidation
The process of closing a business and distributing its assets to creditors and owners. Assets are sold to pay off…
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