Term Main definition
Later-Stage Company

The stage of development when a company has achieved significant and increasing revenues and positive cash flow.

Lawyer or Attorney
As commonly used in the United States, the terms "lawyer" and "attorney are completely interchangeable, but there is a big difference. As formally used in the United States, all attorneys are lawyers, but not all lawyers are attorneys.
LBO(s)

Acronym for Leveraged Buyouts.

Lead Investor

The person, institutional investor or venture capital fund that organizes, leads (e.g., in such matters as due diligence, valuation, negotiations, documentation, and closing), and typically invests the most capital in a funding round.

Letter of Intent

A document, usually in the form of a letter agreement, confirming two (or more) parties' intentions to pursue and effect an investment (or acquisition) transaction.

Leverage Ratios

Measurements (expressed as ratios) of a company's indebtedness as compared to its cash flow or some other similar financial metric.

Leveraged
Capitalized with borrowed money or indebtedness.
Leveraged Buyout
Acquisition transactions that are highly leveraged with debt financing—hence a "leveraged buy-out", which has the acronym LBO. The cash flow from the target company provides a source for the repayment of such debt.
License
An agreement under which a patent owner (the licensor) grants to a company (the licensee) the right to produce, use, market and or sell an invention (product or service) under certain circumstances and for a specified term at agreed compensation.
Limited Liability Company

A legal entity organized under state law through the filing of a charter (typically, called a Certificate of Formation and in California and certain other states called Articles of Organization, coupled with the signing of an LLC Agreement and in California and certain other states called an Operating Agreement).

Limited Liability Entity

A corporation or a limited liability company are customary business ownership structures that provide limited liability.

Limited Partner

A passive investor in a limited partnership.

Limited Partnership

A legal entity organized under state law that elects the tax treatment of a partnership, is composed of a general partner and various limited partners, is the most common organizational form adopted by venture capital funds, and is formed through the filing of a charter (typically called a Certificate of Limited Partnership).

Liquidation
The process of selling off the (remaining) assets of a company, typically followed by (1) the distribution of the sale proceeds, after satisfaction of all debts, priority claims and liabilities, to the company's equity holders, In accordance with their preferences or priorities and on a pro rata basis, and (2) the dissolution of the company.
Liquidation Preference
A feature and provision of preferred stock. A liquidation preference is the right of a holder of the securities with the preference to receive, in priority to amounts distributed to other (common and junior) securities holders, a specific amount (called a preference) if the company is liquidated (or deemed to be liquidated) or if its stock is redeemed.