The Law Dictionary

Law Dictionary

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LIQUIDATION

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The act or process of settling or making clear, fixed, and determinate that which before was uncertain or unascertained. As applied to a company, (or sometimes to the affairs of an individual,) liquidation is used in a broad sense as equivalent to "winding up;" that is, the comprehensive process of settling accounts, ascertaining and adjusting debts, collecting assets, and … [Read more...] about LIQUIDATION

LITEM DENUNCIARE

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Lat. In the civil law. To cast the burden of a suit upon another; particularly used with reference to a purchaser of property who, being sued in respect to it by a third person, gives notice to his vendor and demands his aid in its defense. See Mackeld. Rom. Law, 8 403. … [Read more...] about LITEM DENUNCIARE

LIMITED PARTNERSHIP

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Provides a method where a partnership may increase its capital investment from investors who will play little or no role in business decisions. General partners manage the business while limited partners are passive investors and not allowed to make day-to-day business decisions or else they will face the same exposure to liability as general partners. States may also provide … [Read more...] about LIMITED PARTNERSHIP