| a company in which the shareholders cannot be assessed for debts of the company beyond the sum they still have invested in the company. |
[lim-i-tid-lahy-uh-bil-i-tee] 
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Limited Liability Company - LLC
A corporate structure whereby the shareholders of the company have a limited liability to the company's actions.
Investopedia Commentary
Basically, an LLC is a hybrid between a partnership and a corporation.
Related Links
The Basics Of Corporate Structure
See also: Corporation, Limited Liability, Limited Partnership - LP, Partnership
Also spelled: LLC