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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 ?
Form Your Own Limited Liability, Company Anthony Mancuso Nolo Press, 1996 1-800-992-6656
Limited Liability Companies Guide: Planning and Compliance for Today's Practitioner James C.
How to Form and Operate a Limited Liability Company: A do-it-yourself guide Gregory C.
How to Profit by Forming Your Own Limited Liability Company Scott E.
Forming and Using Limited Liability Companies and Limited Liability Partnerships (3 vols.) Numerous Authors Practising Law Institute, 1996 and supp.
Guide to Limited Liability, Companies CCH (3d ed.), 1996 1-800-344-3734
What You Ought to Know, About Limited Liability Companies (Booklet) CCH, 1996 1-800-344-3734
Limited Liability Partnerships and Limited Liability Limited Partnerships (Treatise) J.
Formation, Operation and Taxation of Limited Liability Companies J.
Partnership and Limited Liability Companies (LLCs): Uniform Acts, Taxation, Drafting, Securities, and Bankruptcy (2 vols.) ALI-ABA, 1994 and supp.