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Click on the first letter of a word or term to jump to that section of the glossary. For example, click on the letter "M" to jump to the section containing the definition for "Mortgagee."
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Liabilities
Debt owed by the company such as bank loans or accounts payable.
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Limited Liability Company (LLC)
A distinct type of business that offers an alternative to partnerships and corporations, by combining the corporate advantages of limited liability with the partnership advantage of pass-through taxation (earnings are taxed only once).
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Limited Partnership
One or more "general" partners run the business while "limited" partners contribute capital and share in the profits. General partners remain personally liable for partnership debts and risks while limited partners incur no liability with respect to partnership obligations beyond their capital.
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Line of Credit
A revolving credit where the funds can be re-used after repayment, usually for short durations.
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Marketable Securities
Stocks or bonds sold on an open market like the NYSE for which there is a readily available sale.
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Maturity
The date on which a loan becomes due.
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Net Worth
Property owned (assets), minus debts and obligations owed (liabilities), is the owner's equity (net worth).
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Non-Profit
A corporation that cannot issue shares and cannot pay dividends. In addition, under the Federal Tax Code Section 501 (c)(3), a non-profit corporation is eligible for certain Federal and State tax exemptions and, upon dissolution, must distribute its remaining assets to another non-profit group.
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