What do a.m. and p.m. stand for?

limited liability

a liability restricted by law or contract, as the liability of owners of shares in a corporation or limited company, or that of a special partner.
Origin of limited liability
1850-55 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2015.
Cite This Source
Examples from the web for limited liability
  • These multi-nationally owned, limited liability companies care only for getting the gas out of the ground quickly and cheaply.
  • The problem is one of the failure to balance regulation with the system of limited liability.
  • Incorporation with limited liability is a privilege.
  • In return for the privilege of limited liability, society has always demanded vaguely good behaviour from them.
  • But that was deemed to deprive industry of much-needed capital so limited liability was brought in.
  • Corporations are subject to double taxation, but they enjoy limited liability and great economies of scale.
  • limited liability incorporation is a privilege, not a right.
  • However, important these may be for the specific form of limited liability.
  • He cannot declare limited liability, or obtain insurance or cheap credit.
  • Provisions relating to the formation of limited liability trust companies.
British Dictionary definitions for limited liability

limited liability

(Brit) liability restricted to the unpaid portion (if any) of the par value of the shares of a limited company. It is a feature of share ownership
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
Cite This Source
limited liability in Culture

limited liability definition

A fundamental feature of corporations, whereby investors are liable only up to the amount of their investment.

Note: This principle is important for failing corporations because it holds that only the assets of the corporation, not the personal assets of its owners, can be liquidated (see liquidation) to cover the corporation's debts.
The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
Cite This Source

Word of the Day

Difficulty index for limited liability

Few English speakers likely know this word

Word Value for limited

Scrabble Words With Friends