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Abbreviation for Limited liability company.  

In a limited liability company the liability of the members is restricted to a predefined amount.

In the case of a company ''limited by shares'' the members' liability is restricted to the amount, if any, unpaid on the shares they hold. 

Almost all commercial companies are of this type.


In a company ''limited by guarantee'' the liability of the members is restricted to a predefined amount which the members guarantee to contribute (on the event of any winding up of the company).


== See also ==
* [[Limited liability]]
* [[Unlimited company]]