Limited Liability Company Definition
noun
A company managed by members or elected managers, like a partnership, but with the liability of the members limited to the amount of capital they have invested in the business.
American Heritage
(law) 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.
Wiktionary
Other Word Forms of Limited Liability Company
Noun
Singular:
limited liability company
Plural:
limited-liability-companies
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