- 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. 2018
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
June 26, 2012
We've no limited-liability company act to fear, no treasury investigations.A Lost Cause
Cyril Arthur Edward Ranger Gull
- 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
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.