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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



... came about that he was bound for the Dogger Bank needs explanation. His father was a prosperous Lincolnshire man who had built up a large export business, which was now about to be converted into a limited liability company. Mr. Page was to become managing director of the new company, but, unfortunately, he could find no suitable position in the concern for his son Charlie. He determined, therefore, to purchase, with a portion of the money which he would receive from the company, ...
— Chatterbox, 1905. • Various


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