limited liability. The New Dictionary of Cultural Literacy, Third Edition. 2002

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The New Dictionary of Cultural Literacy, Third Edition. 2002.

limited liability


A fundamental feature of corporations, whereby investors are liable only up to the amount of their investment.	1
‡ This principle is important for failing corporations because it holds that only the assets of the corporation, not the personal assets of its owners, can be liquidated (see liquidation) to cover the corporation’s debts.	2

The New Dictionary of Cultural Literacy, Third Edition. Edited by E.D. Hirsch, Jr., Joseph F. Kett, and James Trefil. Copyright © 2002 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved.

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