L

Commonly abbreviated as LLC, it is a corporate vehicle that provides limited liability such as corporations with the pass through treatment of gains and losses to owners on their personal income tax returns as is the manner of partnerships. … [Read more...] about LIMITED LIABILITY COMPANY (LLC)

That which comes in a line. Lineal consanguinity is that which subsists between persons, one of whom is descended in a direct line from the other. Lineal descent, is that which takes place among lineal kindred. That which comes in a line; especially a direct line, as from father to son. Collateral relationship is not called "lineal," though the expression "collateral line," is … [Read more...] about LINEAL

A partnership that prevents each partner from being sued for personal liability due to the negligent acts committed by other partners or employees not under the partner's direct control. Most states limit the types of professionals who may form such entities which usually includes lawyers, accountants, healthcare providers and architects. … [Read more...] about LIMITED LIABILITY PARTNERSHIP (LLP)

A straight line relationship by blood, such as grandfather, father and son. … [Read more...] about LINEAL CONSANGUINITY

As opposed to a general partner, a limited partner has limited liability for the debts incurred by the corporation. The limited partner does not participate in the management of the company and may also be a sielnt partner. … [Read more...] about LIMITED PARTNER