Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

deficit

Read a random definition: vendible

A quick definition of deficit:

Deficit means spending more money than you have. It can happen to people, companies, or even governments. When you have a deficit, you have to borrow money to cover your expenses. This can be a problem because it means you owe more money than you have. Deficit is used to measure how well a company or government is doing financially. It's important to keep track of deficits so you can make sure you're not spending too much money and getting into debt.

A more thorough explanation:

Deficit refers to a situation where a person, company, or government spends more money than they earn. This means they have a shortage of funds and may need to borrow money to cover their expenses.

For example, if a company spends $100,000 on salaries, rent, and other expenses, but only earns $80,000 in revenue, they have a deficit of $20,000. This deficit can lead to financial problems if it continues over time.

Deficit can also be used in non-monetary contexts. For instance, a student who is not getting enough sleep may have a deficit of rest, which can affect their ability to learn and perform well in school.

In law, deficits are often used to determine financial performance and responsibility. For example, tax laws in the United States tax profits, so a company with a deficit may have a lower tax liability. Courts may also look at deficits to determine if executives are fulfilling their duties to the company and its shareholders.

deficiency judgment | defined benefit plan

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
15:36
@RasheedWallaceFan: are you ernest hemingway
you could have of as a guy
NosyBeagle
15:37
ayo what's good im a 25-26 cycler
NosyBeagle
15:37
yeah you can shake dick or whatever it is guys do on there idk
post balls or something idk
15:38
yeah but I wouldnt make as much would i
idk man ask Johnny Sins I'm sure he makes bank
are you on your sigma male grindset or not
15:39
yeah well i aint johnny sins if you know what im saying
15:39
just a normal guy
you aren't bald
15:39
true
you could wear a bald cap
NosyBeagle
15:40
johnny sims is like the barbie of porn
NosyBeagle
15:40
he's been a doctor, a teacher, etc lol
ronniedoeslaw
15:40
2025-2026 seems like there's a huge increase in law school applications
NosyBeagle
15:41
i think all of you guys should wait til georgetown accepts me next year to send in ur apps cus im just a girl
15:42
nah
ronniedoeslaw
15:43
allen iverson represent
NosyBeagle
15:43
misogyny!
you guys just make up new guys every day
AngryMiniCar
15:45
Anyone do anything special to prep for the RC section in the LSAT or have any tips/tricks? I've improved a lot on LR usually -1/ -3 but it doesn't help that my RC is consistently -10 lol
15:46
@ronniedoeslaw: Im a CP guy, love watching CP, I hope I get to watch CP for a long time
@AngryMiniCar: read the economist and the new yorker a lot
ronniedoeslaw
15:47
@NemoPropheta: CP is dope & a true legend. Spurs are going to be exciting to watch next year with a possible playoff run
holy fuck I thought CP was something different
15:49
😝
15:49
Ima miss Pop tho, but Wemby and CP are gonna put up some numbers
ernest hemmingway can suck me , go blazers
NosyBeagle
15:56
@windyMagician: woah is this true? how does this help with rc?
LSD+ is ad-free, with DMs, discounts, case briefs & more.