limited liability

Noun
Synonyms: limited liability

WordNet 3.0

Noun (1)

  1. the liability of a firm's owners for no more than the capital they have invested in the firmSynonyms: limited liability
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Webster's Dictionary (GCIDE)

Liability \Li`a*bil"i*ty\ (l[imac]`[.a]*b[i^]l"[i^]*t[y^]), n.; pl. Liabilities (-t[i^]z). [1913 Webster]

1.The state of being liable; as, the liability of an insurer; liability to accidents; liability to the law. [1913 Webster]

2.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. [1913 Webster]

Limited liability. See Limited company, under Limited. [1913 Webster]

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