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What (who) is unlimited liability - definition
COMPANY WHERE SHAREHOLDERS/MEMBERS HAVE UNLIMITED LEGAL LIABILITY
Unlimited liability; Unlimited liability company; Unlimited Company; Unlimited companies; Private unlimited company; Google Ireland Holdings Unlimited Co.
Unlimited company
An unlimited company or private unlimited company is a hybrid company (corporation) incorporated with or without a share capital (and similar to its limited company counterpart) but where the legal liability of the members or shareholders is not limited: that is, its members or shareholders have a joint and several non-limited obligation to meet any insufficiency in the assets of the company to enable settlement of any outstanding financial liability in the event of the company's formal liquidation.
limited liability
BUSINESS STRUCTURE WHERE SHAREHOLDERS CANNOT OWE MORE THAN THEIR STAKE IN A VENTURE
Limited Liability; Limited liability organization; Limited-liability; Ltd liability; Limit of liability; Liability is limited
¦ noun Brit. the condition of being legally responsible for the debts of a company only to the extent of the nominal value of one's shares.
Limited liability
BUSINESS STRUCTURE WHERE SHAREHOLDERS CANNOT OWE MORE THAN THEIR STAKE IN A VENTURE
Limited Liability; Limited liability organization; Limited-liability; Ltd liability; Limit of liability; Liability is limited
Limited liability is a legal status in which a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a corporation, company or partnership. If a company that provides limited liability to its investors is sued, then the claimants are generally entitled to collect only against the assets of the company, not the assets of its shareholders or other investors.
Wikipedia
Unlimited company
An unlimited company or private unlimited company is a hybrid company (corporation) incorporated with or without a share capital (and similar to its limited company counterpart) but where the legal liability of the members or shareholders is not limited: that is, its members or shareholders have a joint and several non-limited obligation to meet any insufficiency in the assets of the company to enable settlement of any outstanding financial liability in the event of the company's formal liquidation.
Examples of use of unlimited liability
1. The Stockholm–based group said it lost the contracts to provide security services at several European airports because it refused to accept unlimited liability in the eventuality of terrorist attacks.