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Restricted in duration, extent, or scope; confined.

Limited liability is the rule that the owners or shareholders of a corporation cannot usually be sued as individuals for corporate actions unless they are involved in Fraud or criminal conduct.

Limited is also a designation following the name of a corporation that indicates its corporate and limited liability status; it is abbreviated Ltd. It is found most commonly after British and Canadian corporate names, although it is sometimes used in the United States.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
Witner, Larry and Simons, Kathleen, "Tax Aspects of Limited Liability Companies," The CPA Journal, August 1993, pp.
M., "Creating the Limited Liability Company," Legal Assistant Today, March/April 1993, pp.
Frost, Steven G., "Square Peg, Meet Round Hole: Classifying LLC Members as General Partners or Limited Partners for Federal Tax Purposes," Taxes, December 1995, pp.
J., "Corporate Governance, Limited Liability Companies and the IRS's View of Centralized Management," Taxes, April 1993, pp.
Miller, Sandra K., "Increased Flexibility of Limited Liability Company Operating Agreements Raises Questions About Tax Treatment," Taxes, October 1994, pp.
and Harris, Kenneth L., "The Emerging Use of the Limited Liability Company," Taxes, June 1992, pp.
Summa, Jeffrey D., "Should You Convert to a Limited Liability Company?," Journal of the American Society of CLU & ChFC, January 1996, pp.

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