NounWikipedia has an article on: Limited liabilityPlural limited liabilities limited liability (plural limited liabilities)
Related termsFrom Wiktionary under the GNU Free Documentation License. Limited liability is a concept whereby a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a company or partnership with limited liability. In other words, if a company with limited liability is sued, then the plaintiffs are suing the company, not its owners or investors. A shareholder in a limited company is not personally liable for any of the debts of the company, other than for the value of his investment in that company. This usually takes the form of that person's dividends in the company being zero, since the company has no profits to allocate. The same is true for the members of a limited liability partnership and the limited partners in a limited partnership. By contrast, sole proprietors and partners in general partnerships are each liable for all the debts of the business (unlimited liability). Although a shareholder's liability for the company's actions is limited, the shareholder may still be liable for its own acts. For example, the directors of small companies (who are frequently also shareholders) are often required to give personal guarantees of the company's debts to those lending to the company. They will then be liable for those debts in the event that the company cannot pay, although the other shareholders will not be so liable. This is known as co-signing. From Wikipedia under the
GNU Free Documentation License Are there any disadvantages of forming a limited liability company? Q. I've found many advantages, but what are the disadvantages? Are there any reasons why i should stay as a sole trader rather than form a limited liability company? Asked by AlunT - Mon Jan 8 19:27:54 2007 - - 3 Answers - 0 Comments A. The directors responsibility for any wrong doing, if the company goes into liquidation. You have to have proper accounting records and if any wrong doing is proved, the directors can no longer hide under the banner of limited liability. Answered by gordonmother - Tue Jan 9 02:36:10 2007 What happens when a company with no liability or limited liabilty is sued?Who pays the damages(if at all)? Q. or who bears the punishment or whatsoever?Because according to wikipedia, "If a company with limited liability is sued, then the plaintiffs are suing the company, not its owners or investors." Asked by Kritika - Sat Aug 1 09:08:15 2009 - - 3 Answers - 0 Comments A. There can be no company with limited or no liability to their client. If there is a verdict, the Company has to pay it. Answered by pai - Tue Aug 4 07:11:24 2009 What is the difference between a Corporation, a Limited Liability Company, and a Limited Partnership?
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