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Simple English definitions for legal terms

limited liability

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A quick definition of limited liability:

Definition: Limited liability means that if you invest in a company, you are only responsible for the amount of money you put in. If the company gets into trouble and owes money, you won't have to pay more than what you invested. This protects your personal assets from being taken away to pay for the company's debts. However, there are some situations where this protection can be taken away, such as if the company is not run properly.

A more thorough explanation:

Limited liability is a characteristic of corporations and Limited Liability Companies (LLCs) that limits the liability of investors to the extent of their investment. This means that if the company faces a lawsuit or debt, the judgment is against the company and not its owners or shareholders.

For example, if you invest $10,000 in a corporation and the company goes bankrupt, you will lose the value of your shares, but you will not be held responsible for any additional debt or judgments against the company. Your personal assets, such as your car or house, are protected from being seized to pay off the company's debts.

However, there is an exception to limited liability called piercing the corporate veil. This occurs when a court determines that the company is not operating as a separate entity from its owners, and therefore the owners can be held personally liable for the company's debts.

limited jurisdiction | limited liability company (LLC)

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im so dumb its literally Saturday
bbq it is
law school has made me unaware of the days of the week
me too, me too
amlaw
17:40
do you guys want to hear my newest irrational fear
[] ararara
18:18
That you have so much fun tonight dancing after the sun goes down you fall in love but way too hard and your heart pops!
[] ararara
18:19
Hi wherever you are hope you have a great Saturday! Stay hydrated!
hydrating! 👹
[] ararara
19:12
Hahah lolll show those fools your dance moves!! I am actually about to start working until about 4 in the morning so I can go out of town Tuesday so avenge me!
[] ararara
19:12
I came face to face with an Amazon worker on prime day though and that was crazy. Don’t think I’ll ever forget that. They looked completely drained it was insane.
rip to that young lad, wishing them hydration and days off from work. don’t work yourself too hard ara! chronic stress kills!
[] ararara
19:16
Thanks wasp right back at you! You too! This work is really interesting! It’s one of three jobs where it’s been hard to stop before school starts for sure.
babybunny
22:59
you have to be the art hoe gf u want to see in the world
willing
manifestmoreadmissions
0:24
bunny i am trying so hard idk if i can cut it
amlaw what's your fear
amlaw
10:02
that i got rejected from washu and just didn't see the email even though i've checked my spam and everything because they don't change their portals at all
that sucks :(
amlaw
10:36
and i know its crazy lol
hahaha yes it is crazy lol
babybunny
15:03
Heard Biden dropped out of the race. Made me remember when you said bye den dropped out of my life. You'll always be my first choice nominee. No need to text back
amlaw
15:03
i have never fully comprehended any of your messages bunny
when you said bye den dropped out of my life
i have a 3.38 and hope to get a 175+ on the LSAT
Does anyone know which schools place in federal positions outside of T14? UT,SMU, TAMU, George Mason, George Washington, ASU)
odds for sls waitlist this cycle?
Justvibin123
18:33
Who ever is accepted at Wayne state and is not attending can you please withdraw your app 🥹
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