limited liability company
nounUK /ˌlɪmɪtɪd laɪəˈbɪləti ˈkʌmpəni/
US /ˌlɪmɪtɪd laɪəˈbɪləti ˈkʌmpəni/
A limited liability company is a kind of business that keeps the owners' own money and things safe if the business has problems.
My aunt started a limited liability company to sell her handmade candles.
RELATED WORDS
OTHER MEANINGS
2. A business structure where owners are not personally responsible for the company's debts.
Forming a limited liability company protected the partners from the store's unpaid bills.
3. A legal entity that is separate from the people who own it.
The limited liability company signed the lease, not the individual owners.
4. A type of company often chosen by small business owners for its flexibility.
She chose a limited liability company because it was simpler than a corporation.