The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

LIMITED LIABILITY Definition & Legal Meaning

Definition & Citations:

The legal protection limiting each shareholder to the par value of fully paid-up company shares to cover the financial liability of the company’s debts and obligations in a privately or publicly owned corporations. As a legal entity, the company itself is liable for the rest. Also known as limited personal liability.

See, e.g., How to Start an LLC in Georgia: 5 Steps


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