a liability restricted by law or contract, as the liability of owners of shares in a corporation or limited company, or that of a special partner.
Origin of limited liability
First recorded in 1850–55
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019
Examples from the Web for limited liability
Eason recounted what he knew: that a limited-liability company was set up to buy a house where Jobs could recuperate.Memphis Doctor Who Performed Steve Jobs’ Liver Transplant Bought His House|Andy Meek|June 26, 2012|DAILY BEAST
We've no limited-liability company act to fear, no treasury investigations.A Lost Cause|Cyril Arthur Edward Ranger Gull
British Dictionary definitions for limited liability
British liability restricted to the unpaid portion (if any) of the par value of the shares of a limited company. It is a feature of share ownership
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
Culture definitions for limited liability
The New Dictionary of Cultural Literacy, Third Edition Copyright © 2005 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.