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limited-liability company

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limited company

–noun British.
a company in which the shareholders cannot be assessed for debts of the company beyond the sum they still have invested in the company.
Also called lim⋅it⋅ed-li⋅a⋅bil⋅i⋅ty com⋅pany [lim-i-tid-lahy-uh-bil-i-tee] .


Origin:
1850–55
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2009.
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