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Limited liability   /lˈɪmətəd lˌaɪəbˈɪlɪti/   Listen
noun
Liability  n.  (pl. liabilities)  
1.
The state of being liable; as, the liability of an insurer; liability to accidents; liability to the law.
2.
That which one is under obligation to pay, or for which one is liable. Specifically, in the pl., The sum of one's pecuniary obligations; opposed to assets.
Limited liability. See Limited company, under Limited.





Collaborative International Dictionary of English 0.48


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"Limited liability" Quotes from Famous Books



... eyeglass and looked at the paper, which read: 'I hereby agree to do my best to form a limited liability company for the purpose of taking over the Ottawa Mica-mine. I agree to pay my share of the expenses, and to accept one-third ...
— A Woman Intervenes • Robert Barr


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