Jargon Buster – L

Word
Meaning

Lay off

A temporary interruption to work and will be specified with terms and conditions of employment contract

Legal Costs / Legal Expenses

The filing of fees, jury fees, court order fees and other expenses incurred in the prosecution of or defence again a civil suit. A court may order a losing party in civil action proceedings to reimburse the successful party for their costs.

Legislation

The processing of making or enacting laws.

Limited Liability Company (LTD)

A privately held small business entity. This type of business entity limits owner liability to their shares limits the number of shareholders to 50 and restricts shareholders from publicly trading shares.

Limited Liability Partnership (LLP)

A partnership which some or all of the partners have limited liabilities. It is, therefore, exhibits elements of partnerships and corporations. In a LLP each partner is not responsible or liable for another parners misconduct or negligence.

Limited Partnership (LP)

when two or more partners unite to jointly conduct business in which one or more of the partners are liable only to the extent of the amount of money that partner has invested. The term can also be referred to as Limited Liability Partnership (LLP).

Loss Adjuster

An insurance employee who will assess the amount of compensation that should be paid after a person has claimed on their insurance policy.

Lone Worker (LV)

An employee who performs the working role in isolation from other works with close or direct supervision. Such staff may be exposed to risk because there is no one to assist them and so a risk assessment may be required.

Limited Liability

The condition by which shareholders are legally responsible for the debt of a business but only to the extent of the nominal value of the share they own.

Lenders

An individual or organisation who lends an item such as money

Lateness

Arriving late from the time specified within a contract to start