limited liability 
noun [mass noun] British
The condition by which shareholders are legally responsible for the debts of a company only to the extent of the nominal value of their shares.The new limited-liability laws made limited liability mandatory for all corporations....
- The company's separate legal personality is a general feature of its legal status and is not confined to the areas of limited liability and transferable shares.
- Owner enjoys limited liability for business debts and fringe benefits are deductible as business expenses.
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