Limited Liability Definition
Limited liability is a term used to describe the fact that the financial liabilities are limited to a fixed amount of money. The limited liability term is most often used when referring to a limited liability company.
A limited liability company is one in which the shareholders (members) liability for the debts of the company are personally limited to the nominal value of the shares they hold in the company in the event of a limited liability company bankruptcy.
For further information see the Wikipedia limited liability definition.
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