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limited liability |
Also found in: Dictionary/thesaurus, Financial, Acronyms, Encyclopedia, Wikipedia, Hutchinson | 0.02 sec. |
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limited liability n. the maximum amount a person participating in a business can lose or be charged in case of claims against the company or its bankruptcy. A stockholder in a corporation can only lose his/her investment, and a limited partner can only lose his/her investment, but a general partner can be responsible for all the debts of the partnership. Parties to a contract can limit the amount each might owe the other, but cannot contract away the rights of a third party to make a claim. (See: corporation, shareholder, limited partnership, partnership, liquidated damages) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Limitations of Actions limitative limited limited amount limited area limited choice limited jurisdiction limited liability Limited Liability Company Limited Liability Partnership limited partnership Limited Test Ban Treaty limited time limiting limitive |
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