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LSDefine

Simple English definitions for legal terms

deficit

Read a random definition: casus amissionis

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

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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