(also limited liability company)
A private company whose owners are legally responsible for its debts only to the extent of the amount of capital they invested. See also public limited company.
- Public limited companies and large private companies will also require an audit committee, comprising two members of the board, neither of whom can be a chairman or a recent employee of the company.
- The respondents are a private limited company engaged in the development and operation of petrol service stations.
- Unless the business is formed as a corporation or a limited liability company, it will be a sole-proprietorship by default.
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