Legal entity that is a special kind of corporation. A limited liability company offers shareholders the limitations on personal liability that are available to stockholders in C or S corporations. At the same time, limited liability companies are taxed very much like partnerships; that is, the income is allocated to the stockholders for tax purposes. Generally, limited liability companies offer owners the same advantages of the more familiar S corporations but have fewer restrictions. American Banker Glossary
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limited liability company UK US noun [C] US LAW
Financial and business terms. 2012.