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
Contemporary Examples of 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
Historical Examples of limited liability
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
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
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.