Glossary Terms Beginning with L
Definitions for words starting with L are listed on this page. Take the link above or scroll down to the glossary term.
Leaseholder Definition
A person who is in possession of a property by way of a lease.
Legal Permanent Guardian Definition
A person who has been granted legal permanent guardianship of a minor child by the courts. The Legal Permanent Guardian has the power and responsibility of a custodial parent regarding the child's support, care, and education.
See
Legal Permanent Guardian for more information.
Lifetime Benefit Limit (LIBL) Definition
A 60-month time limit for receiving Cash Assistance (CA) benefits that begins with the first CA payment received on or after 10/01/2002. (See
LIBL for information about who LIBL applies to and what months count towards the LIBL 60 - month time limit)
Limited English Proficiency (LEP) Definition
LEP is defined as someone who does not speak English as their primary language and who has a limited ability to read, write, speak, or understand English.
Title VI of the Civil Rights Act of 1964 requires agencies to ensure that the programs they provide are accessible to LEP persons, and therefore do not discriminate on the basis of national origin. (See
Translation Services for more information about the types of translation services that are available.)
Limited English Proficiency (LEP) Binder Definition
The Limited English Proficiency (LEP) Binder is a tool, created with the Language Identification – I Speak (DES-1071A) (10/12) form that is used to assist participants with
Limited English Proficiency(g). The binder must be displayed where it can be easily accessed by the participants.
The Language Identification – I Speak (DES-1071A) (10/12) is available in the Document Center. (See
Document Center Location)
Limited Liability Company (LLC) Definition
A limited liability company (LLC) can be one of the following:
●Sole proprietorship
●A partnership
●A corporation
When an LLC is a sole proprietorship, the owner of the LLC files taxes for the profits of the LLC with their personal taxes using the Internal Revenue Service (IRS) U.S. Individual Income Tax Return (1040) form, schedules C, E, or F.
When an LLC is a partnership, taxes are filed using the IRS U.S. Return of Partnership Income (1065) form, schedules B-1, C, D, K, K-1, K-2, K-3, and M-3. (See
Self-Employment)
When an LLC elects to be a corporation, taxes are filed using the IRS U.S. Corporation Income Tax Return (1120) form or IRS U.S. Income Tax Return for an S Corporation (1120-S) form when the corporation is choosing to file as an S Corporation. (See
Corporation Profits)
Lump Sum Definition
A single non-reoccurring payment that is not anticipated to continue.