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Labor Laws

Definition: Laws that define the rights of employees in the United States and protect them from employer retaliation for exercising those legal rights or reporting violations to the proper authorities.
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Last In, First Out (LIFO)

Definition: An accounting method for inventory and cost of sales in which the last items produced or purchased are assumed to be sold first; allows business owner to value inventory at the less expensive cost of the older inventory; typically used during times of high inflation
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Lawsuit

Definition: A civil action brought in court of law in which a plaintiff seeks a legal remedy, such as damages
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Leased Employees

Definition: Workers who are officially employed by a professional employer organization, which is responsible for overseeing all HR-related functions, but who actually perform all work for your company
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Leases, Rental

Definition: An agreement between a landlord and a tenant that gives the tenant the right to use and occupy rental property for a period of time
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Liability

Definition: Anything for which a company is legally bound or obligated, as to make good any loss or damage that occurs in a transaction
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Liability Insurance

Definition: Insurance coverage that protects against claims against the insurance holder of property damage, personal injury, negligence and so on
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Licensing

Definition: A business arrangement in which one company gives another company permission to manufacture its product for a specified payment
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Life Insurance

Definition: An agreement that guarantees the payment of a stated amount of monetary benefits upon the death of the insured
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Limited Liability Company

Definition: A form of business organization with the liability-shield advantages of a corporation and the flexibility and tax pass-through advantages of a partnership
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Limited Liability Partnership

Definition: A business organization that allows limited partners to enjoy limited personal liability while general partners have unlimited personal liability
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Link Exchange

Definition: The practice of exchanging links with other websites. You place another site's link on your site, usually on a links page, and in return, the other site places a link on their site back to you.
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Loans

Definition: Money borrowed that is usually repaid with interest
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Location

Definition: The physical space where your business exists
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Logo

Definition: A recognizable graphic design element, often including a name, symbol or trademark, representing an organization or product
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LowDoc

Definition: A special SBA 7(a) loan promising quick processing for amounts less than $150,000
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