1. limited liability - Noun
2. limited liability - Adjective
the liability of a firm's owners for no more than the capital they have invested in the firm
Source: WordNetlimited-liability
What we have to do...is to humanise the system of limited liability. Stanley Baldwin
Limited liability should not be sacrosanct. Like property rights-including intellectual property-it is a creation of man, to provide appropriate incentives; when that artifice fails to fulfill its social function, it needs to be modified. Joseph Stiglitz
Corporations are created by the people, acting through their governments. We grant them corporate charters that confer certain legal rights and privileges, like the ability to enter into contracts, limited liability and perpetual life. Jim McGovern
The limited liability corporation is the greatest single invention of modern times. Nicholas Murray Butler
A limited liability company and certain other business entities may elect to be treated as corporations or as partnerships. Source: Internet
Bewind trusts are created as trading vehicles providing trustees with limited liability and certain tax advantages. Source: Internet