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TeachMeFinance.com - explain Limited Liability
Limited Liability -- 1. Restricted liability for obligations.
2. (USA) Limitation of Liability Act. A U.S. statute which permits a shipowner to restrict his liability to whatever value his ship has after an event such as a sinking or collision.
historic definition...
Limited liability -- Corporations in certain states may employ
the word "Limited" in their title, thus signifying that
their stockholders are exempted from personal liability under
the law. "Limited" corporations are more common in England
than in the United States.
About the author
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Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".
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Copyright © 2005 by Mark McCracken, All Rights Reserved.
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