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limited liability |
Also found in: Financial, Encyclopedia, Wikipedia, Hutchinson | 0.43 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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The Fifth Circuit also determined there was at least one major, independent business reason to form TE to develop and sell land--to insulate ME and its partners from unlimited liability from a multitude of sources. Recently, New York's Court of Appeals has begun to redefine the scope of the Scaffold Law, scaling back the almost unlimited liability of employers who are not negligent. She suggested that the size of potential risks leads to questions about the long-term sustainability of unlimited liability. |
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