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LSDefine

Simple English definitions for legal terms

limited liability

Read a random definition: Anno Domini

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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dasfi0990ut1
15:19
@U-Hawaii-Jason-Momoa-Law: That is what my dad said: "I did it all for you, all 30seconds."
therealjaysontatum
15:19
like do they call all day or just for like an hour at noon
dasfi0990ut1
15:20
@therealjaysontatum: It depends. Some am/pm. Some have multiple adcoms, some schools only have a few, so they call all day
therealjaysontatum
15:21
i just wonder what their day looks like on a wednesday when its time to admit people
therealjaysontatum
15:22
unlv is mainly who im asking about, i dont think they have a huge adcom department
GnomeoAndJuliet36
15:22
tatum hope u snap ur leg and they amputate it
GnomeoAndJuliet36
15:23
if thats really u
therealjaysontatum
15:23
its really me
15:23
A FROM UNLV BOYD!
therealjaysontatum
15:23
ive done all i can in the NBA
dasfi0990ut1
15:23
Bull spit! I do not believe.
GnomeoAndJuliet36
15:24
yea u have u should take a pair of scissors and snip each individual ligament in ur knee
dasfi0990ut1
15:24
@U-Hawaii-Jason-Momoa-Law: What happened to my friend? Hey banned :(
therealjaysontatum
15:24
you must be the real joel embiid
GnomeoAndJuliet36
15:24
holy
GnomeoAndJuliet36
15:24
how did u know
BatmanBeyond
15:32
No MVP or Finals MVP
BatmanBeyond
15:32
At least he avoided the Duke Bust label
therealjaysontatum
15:37
got a ring tho
starfishies
15:39
i have decision rendered on bc portal ;-;
therealjaysontatum
15:39
we talking ball now
starfishies
15:39
he really got that ring though
GnomeoAndJuliet36
15:50
still doggy doo
GnomeoAndJuliet36
15:51
put him on the hornets theyre still one of the worst teams in the leagues and the celtics still making it to the finals
RoaldDahl
15:55
I have decision rendered too 0.o
therealjaysontatum
15:55
hes different this year
therealjaysontatum
15:55
im different this year*
RoaldDahl
15:56
@starfishies: when will they render these decisions
GnomeoAndJuliet36
15:59
im just playing jayson its me al horford
therealjaysontatum
16:15
goat
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