from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. A type or form of for-profit incorporated company where ownership is divided into shares, and where the governing rules are set forth in a contract entered into by all of the initial shareholders. The name derives from the fact that regardless of potential losses or even bankruptcy of the corporation, individual shareholders will bear a maximum liability of the price they paid for their shares.
Sorry, no etymologies found.
The low-profit, limited liability corporation or L3C seeks to combine the features of a regular limited liability company with the socially beneficial aspects of a nonprofit.
The limited liability company (LLC) and the limited partnership (LP) are blessed with the charging-order rule.
Knox's idea was to plant forty fishing villages at spots twenty-five miles apart between the Mull of Cantyre and the Dornoch Firth at a cost of L2000 apiece, or at least as many of them as money could be obtained to start; and the scheme rose high in public favour when the parliamentary committee on Scotch Fisheries gave it a general recommendation in 1785, and suggested the incorporation of a limited liability company by Act of Parliament in order to carry it out.
That FINCO will take steps to float a limited liability company hereinafter referred to as the Company to carry on the business of producing and marketing wood charcoal in Sri Lanka.