limited liability company

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limited liability company

n. Abbr. LLC
A company managed by members or elected managers, like a partnership, but with the liability of the members limited to the amount of capital they have invested in the business.
American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
References in periodicals archive ?
(2) The portfolio company maintains policies, books and records, accounts, and other indicia of corporate, partnership or limited liability organization and operation that are separate from the financial holding company and limit the legal liability of the financial holding company for obligations of the portfolio company; and
"I think Lloyd's in due course will become a completely limited liability organization in time," Chairman Max Taylor said in an interview with Kyodo News.
Accountants must be free to practice in any form of organization permitted by state law, including limited liability organizations. The accounting profession is not seeking special treatment.

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