Grandfather Clause

Grandfather Clause
A provision included in new legislation or regulations that exempts certain individuals, businesses, or entities already engaged in regulated activities from complying with new requirements.
Nonconforming Use
Nonconforming use refers to the utilization of land that lawfully existed prior to the enactment of a new zoning ordinance and can be maintained even after the ordinance's effective date, even though it no longer complies with the new use restrictions applicable to the area.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.