limited personal liability
Category: Business, LLCs & Corporations → LLCs, Corporations, Partnerships, etc.

Nolo’s Plain-English Law Dictionary. . 2009.

Look at other dictionaries:

  • limited personal liability —    see limited liability …   Business law dictionary

  • personal liability — see liability 2b Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. personal liability …   Law dictionary

  • limited partnership — see partnership Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. limited partnership …   Law dictionary

  • limited liability —    The maximum amount a business owner or investor can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company or an investor (shareholder) in a corporation usually stands to lose only the… …   Business law dictionary

  • limited partnership —    A business structure recognized in most states that allows one or more partners (called limited partners) to have limited personal liability for partnership debts, while another partner or partners (called general partners) have unlimited… …   Business law dictionary

  • limited liability company — (LLC)    A flexible form of business ownership that is becoming the most popular structure for small businesses. Owners of an LLC have limited personal liability (as they would with a corporation) and a choice of how the business will be taxed.… …   Business law dictionary

  • limited liability partnership — see partnership Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. limited liability partnership …   Law dictionary

  • limited liability company — see company Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. limited liability company …   Law dictionary

  • limited liability — Shareholders in a limited company are only liable to third parties to the limit of their shareholding. Other participants e.g. directors would not normally have any personal liability except with respect to creditors where there has been wrongful …   Law dictionary

  • liability — li·a·bil·i·ty /ˌlī ə bi lə tē/ n pl ties 1: the quality or state of being liable 2: something for which one is liable: as a: a financial obligation: debt tax liability the bonds …   Law dictionary

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