LEASE - Contract, usually in the form of a written rental agreement, giving the right to use property for a certain length of time by paying rent.

LEASEHOLD IMPROVEMENT - An improvement (for example redecorating) on premises. 

LEDGER - A file or group of accounts; the "book" of final entry.

LETTER OF CREDIT - An engagement by a bank to make payment to another bank upon
presentation of a given set of documents within a specified time.

LEVERAGE - A term used to describe the amount of debt in your business in relation to the amount of equity. To measure the degree of leverage in your business, use the debt to tangible net worth ratio.

LIABILITIES - The claims of creditors against the total assets; the debts of the business or money owed by the business.

LIABILITY INSURANCE - Risk protection for actions for which a business is liable.

LIMITED PARTNERSHIP - A legal partnership where some owners are allowed to  assume responsibility only up to the amount invested.

LIQUIDATE - Settle the accounts of business; convert into cash.

LIQUIDATION VALUE - The amount for which an asset can be sold.

LIQUIDITY - A term that describes how readily assets can be converted into cash.

LIQUIDITY ORDER - Listing assets in the order of converting them into cash.

LOAN - Money lent at interest.

LOAN MARGIN - The percentage of the total value of the asset being financed (such as accounts receivable, inventory or a fixed asset) for which the bank will lend you money.

LOCKBOX - A post office box operated in your name by bank, to which your customers
send their payment cheques. This allows the bank to process cheques without delay. 

LONG-TERM LIABILITIES - The amounts owed which will not be payable within one year, such as mortgages and long-term loans.



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