Limited liability company
noun
noun ·Rare ·Advanced level
Definitions
Noun
- 1 A type or form of for-profit incorporated company where ownership is divided into shares, and where the governing rules are set forth in a contract entered into by all of the initial shareholders. The name derives from the fact that regardless of potential losses or even bankruptcy of the corporation, individual shareholders will bear a maximum liability of the price they paid for their shares.
"Near-synonyms: Ltd, Ltd."