Limited liability
Liability Li`a*bil"i*ty (l[imac]`[.a]*b[i^]l"[i^]*t[y^]), n.; pl. {Liabilities} (-t[i^]z). [1913 Webster] 1. The state of being liable; as, the liability of an insurer; liability to accidents; liability to the law. [1913 Webster]

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}. [1913 Webster]

{Limited liability}. See {Limited company}, under {Limited}. [1913 Webster]


The Collaborative International Dictionary of English. 2000.

Look at other dictionaries:

  • Limited liability — is a concept whereby a person s financial liability is limited to a fixed sum, most commonly the value of a person s investment in a company or partnership with limited liability. A shareholder in a limited company is not personally liable for… …   Wikipedia

  • limited liability — Shareholders in a limited company are only liable to third parties to the limit of their shareholding. Other participants e.g. directors would not normally have any personal liability except with respect to creditors where there has been wrongful …   Law dictionary

  • limited liability — noun the liability of a firm s owners for no more than the capital they have invested in the firm • Hypernyms: ↑indebtedness, ↑liability, ↑financial obligation * * * noun 1. : the liability of shareholders in a corporation or a limited company 2 …   Useful english dictionary

  • 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. [1850 55] * * * Condition under which the loss that an owner (shareholder) of a business may incur… …   Universalium

  • Limited Liability —    The status of limited liability gives a business a legal personality separate from that of its shareholders and limits the liability of shareholders for the debts incurred by the business, normally to the amount of their investment. The… …   Encyclopedia of the Age of Imperialism, 1800–1914

  • limited liability — Limitation of loss to what has already been invested. Bloomberg Financial Dictionary See equity shares. Dresdner Kleinwort Wasserstein financial glossary When the liability of the shareholders is limited to the nominal value of their shares, it… …   Financial and business terms

  • Limited liability — Limitation of possible loss to what has already been invested. The New York Times Financial Glossary * * * limited liability limited liability ➔ liability * * *    A restriction of the owners loss in a business to the amount of capital they have… …   Financial and business terms

  • Limited Liability — A type of liability that does not exceed the initial amount a person invested into a partnership. Limited liability refers to the terms of limited partnerships, which comprise at least one general partner, who takes on unlimited liability, and… …   Investment dictionary

  • limited liability —    The maximum amount a business owner or investor can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company or an investor (shareholder) in a corporation usually stands to lose only the… …   Business law dictionary

  • limited liability — See: limited company, limited liability partnership …   Accounting dictionary

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