Leaver: A founder, director, employee or consultant who ceases to provide any services to the company and, as a result, may be required to sell shares and/or lose certain rights in shares. The effects of being a "leaver" will to some extent depend on the applicable circumstances (for example, whether they are a "good" or a "bad" leaver).
Lien: A right which entitles a company to retain an interest in its shares, for example if its issue price has not been fully-paid by the shareholder.
Lifestyle business: Some Founders create and manage a business primarily to allow them to live a particular lifestyle.
Limited Partner a.k.a. LP: A Limited Partner is an investor in a venture fund. Often, LPs are institutional investors, such as pension funds or family offices.
See also: General Partner
Liquidation preference or priority: A liquidation preference or priority refers to the order in which shareholders receive exit proceeds. It often benefits investors over other shareholders, and can affect how much each shareholder group receives.
Liquidity: Liquidity refers to how much of a company's asset value is in cash rather than non-cash assets.
Loan: A loan is a monetary sum one party lends another and expects it to be paid back with interest.
LP a.k.a. Limited Partner: A Limited Partner is an investor in a venture fund. Often, LPs are institutional investors, such as pension funds or family offices.