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limited liability
(redirected from Unlimited liability)

    Also found in: Dictionary/thesaurus, Financial, Encyclopedia, Wikipedia 0.01 sec.

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)
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A hybrid is an entity--normally a Canadian unlimited liability company (ULC)--that is treated as a corporation for Canadian tax purposes, but as a flow-through for U.
Canadian 'anti-hybrid' rules: review agreements by January 2010 by Lysenko, Jonathan / Financial Executive
The proposal exposes taxpayers to unlimited liability for banks' losses for years to come.
Nationalise now to save our futures by The Mirror (London, England)
Capital Sources: Individual members with both limited and unlimited liability contributed 15% of Lloyd's capital in 2008.
Once the backbone of Lloyd's, names still playing a key role by O'connor, Robert / Best's Review
 
 
 
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