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Glossary of terms - L

Terms in this glossary are provided for general information only and should not be taken as constituting professional advice from the website owner – the Australian Securities and Investments Commission (ASIC).

The words in brackets do not form part of the term. Where business names appears in brackets alongside a term, this denotes the definition is only to be used in reference to the Business Name Register. These terms do not apply to any other ASIC services.

 

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Legal personal representative (business names)

Is an individual or an incorporated body who is appointed to administer a business name where an individual business name holder or partner has died. 

Life insurance broker

A person who was registered with ASIC who provided advice, arranged policies and dealt with claims relating to life insurance products on behalf of insurers. This is a role that existed prior to financial services reform in 2002 and no longer exists.

Limited partnership

Generally, a limited partnership includes at least one general partner (whose liability for the liabilities of the partnership, such as a debt, is limited). Refer to the legislation in the relevant Australian state or territory. 

Lodged

A transaction that has been submitted to and received and accepted by ASIC which complies with all requirements of the Business Names Registration Act 2011. Requirements include lodging in the approved form and includes all relevant supporting material and documentation. See: Submitted.