noun
EXAMPLES FROM CORPUS
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Because of the limited liability of shareholders, creditors had no redress.
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Hence a director of a company may stand to lose financially even though the company has limited liability .
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Hence the fierce resistance among the professionals to limited liability .
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If institutional investors are involved, the buy-out vehicle could be a limited partnership, to afford the institutions limited liability .
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The limited liability and perpetual life characteristics of the corporation make this form of organization almost mandatory for large firms.
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The most important legal aspect of the corporation is its limited liability .
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There are three main alternatives: sole practitioner; partnership; or unlimited or limited liability company.