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Limited

Restricted in duration, extent, or scope; confined.

Limited liability is the rule that the owners or shareholders of a corporation cannot usually be sued as individuals for corporate actions unless they are involved in FRAUD or criminal conduct.

Limited is also a designation following the name of a corporation that indicates its corporate and limited liability status; it is abbreviated Ltd. It is found most commonly after British and Canadian corporate names, although it is sometimes used in the United States.

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Law Library - American Law and Legal InformationFree Legal Encyclopedia: Legislative Veto to Lloyd's