Kbps (Thousands of Bits Per Second). A measurement of data transfer rates.
Kilobit. One thousand bits. Abbreviated as Kb.
LAN (Local Area Network). A geographically limited communications network linking computers, printers and other devices. Ethernet is the most common means of creating a LAN.
Lanham Act. The main federal statute governing trademarks, service marks and unfair competition. It seeks to prevent deceptive and unfair competitive practices in the marketplace. Many states have similar laws.
LCD (Liquid Crystal Display). A display technology that uses rod-shaped crystals that flow like liquid and bend light when energy flows through them. LCD technology is used in laptop computer and flat-panel displays.
Lead. A new prospect or client previously unknown to a salesperson or company.
Lease. A contract by which a tenant (the "lessee") takes possession of office space, furniture, equipment or other property for a specified rent and specified amount of time. At the end of a lease, the property reverts back to its owner (the "lessor").
Lessee. The renter or tenant.
Lessor. The landlord or owner.
Letter of Credit. A document issued by a bank guaranteeing payment of a customer´s debt up to a set amount over a set period of time. Letters of credit are used extensively in international trade.
Letter of Intent (LOI). An agreement, usually nonbinding, documenting the general terms of a proposed business relationship. Often used as a prelude to a binding, definitive agreement.
Liability. Any debt or obligation due now or potentially in the future. Liability is synonymous with legal responsibility.
Lien. A charge upon or security interest in real or personal property maintained to ensure the satisfaction of a debt or duty ordinarily arising by operation of law.
Limited Liability Company (LLC). A flexible business structure, popular with small businesses, offering owners the advantage of limited personal liability and the choice of being taxed like a partnership or a corporation.
Limited Liability Partnership (LLP). A type of partnership recognized in many states that protects individual partners from personal liability for negligent acts committed by other partners and employees not under their direct control. Some states restrict this type of partnership to professionals, such as lawyers, accountants and architects.
List Broker. A person or company who prepares, rents and maintains mailing lists.
Litigation. Lawsuits instituted through the judicial process.
Loan Agreement. An agreement for the borrowing of money, typically containing pertinent terms, conditions, covenants and restrictions.
Logo. A symbol that a company uses to represent itself or its brand.
Long-Term Debt. Obligations or liabilities that a company owes in one year or more.
Business Glossary (K-L)
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