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Limited liability company
Meaning
Noun
●
In Business, Corporate law, Finance & 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
.
Sourced from
Wiktionary
Synonyms
Limited Company
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