limited liability

WordReference Random House Unabridged Dictionary of American English © 2025

lim′ited liabil′ity, 

1. Business, Law a liability restricted by law or contract, as the liability of owners of shares in a corporation or limited company, or that of a special partner.

• 1850–55

Collins Concise English Dictionary © HarperCollins Publishers::

limited liability noun

1. liability restricted to the unpaid portion (if any) of the par value of the shares of a limited company. It is a feature of share ownership