Podcast

Mace & Jones Glossary - K to O

Lasting Power of Attorney (LPA) - A legal document that allows individuals to appoint Attorneys to look after their property and financial affairs (a Property and Affairs LPA) and also to make health and personal welfare decisions (a Personal Welfare LPA) when they lack the capacity to make these decisions themselves in the future.

Lawyer - A member of the legal profession who is qualified/authorised to give legal advice. The term includes solicitors, barristers, licensed conveyancers, legal executives and others.

Legal Health Audit - The process of identifying potential problems before they become costly.

Licensing - An agreement under which an organisation (the licensor) grants another organisation (the licensee) the right to manufacture goods, use its production processes, use its brand name or trademark within a defined market.

Liquidation - The process of dissolving a business by selling the assets, paying the debts, and distributing the remaining equity to the owners.

Litigation - Legal action to resolve an issue before a court.

Limited Liability Partnership (LLP) - An LLP shares many of the features of a normal partnership - but it also offers reduced personal responsibility for business debts.

Management Buy In - The purchase of a company by an external team of experienced managers.

Management Buy Out - The purchase of a company by part or all of the existing management team.

Mediation - The process by which a neutral third-party facilitates negotiations between the parties. The mediator has no decision-making authority.

Mergers - The union of two companies in which one company survives, retaining its identity.

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