LIMITED LIABILITY • FREE TRANSLATOR.ORG • Definition of Limited liability

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/lˈɪmətəd lˌaɪəbˈɪlɪti/ Listen

noun

Liability n. (pl. liabilities)

The state of being liable; as, the liability of an insurer; liability to accidents; liability to the law.

That which one is under obligation to pay, or for which one is liable. Specifically, in the pl., The sum of one's pecuniary obligations; opposed to assets.

Limited liability. See Limited company, under Limited.

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Etymology of 'Limited liability'

Collaborative International Dictionary of English 0.48

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"Limited liability" Quotes from Famous Books

... satisfactorily with their co-operative store, which they are now extending to other undertakings of a greater magnitude, and I hope soon to see hundreds of similar associations in Great Britain and Ireland. But we want more freedom for limited liability companies, instead of so many difficulties being thrown in their way by over-legislation. I do not want to treat working people as children, but to encourage them to help themselves. I have had to work hard myself, and I ...

— Mr. Hogarth's Will • Catherine Helen Spence

... eyeglass and looked at the paper, which read: 'I hereby agree to do my best to form a limited liability company for the purpose of taking over the Ottawa Mica-mine. I agree to pay my share of the expenses, and to accept one-third ...

— A Woman Intervenes • Robert Barr

... came about that he was bound for the Dogger Bank needs explanation. His father was a prosperous Lincolnshire man who had built up a large export business, which was now about to be converted into a limited liability company. Mr. Page was to become managing director of the new company, but, unfortunately, he could find no suitable position in the concern for his son Charlie. He determined, therefore, to purchase, with a portion of the money which he would receive from the company, ...

— Chatterbox, 1905. • Various