(law) The legal responsibility arising when a party materially contributes to, facilitates, induces or is otherwise responsible for directly infringing acts carried out by another party.

(law) The legal responsibility of the superior for the acts of their subordinate.

plural of liability insurance

(law) A standard of legal liability by which a person can be found liable regardless of intent, fault or negligence.

(accounting) A liability or financial obligation which will come due in the near-term (often within one year).

(law) a legal doctrine that allows a plaintiff to shift the burden of proving causation of her injury to multiple defendants, even though only one of them could have been responsible

(law) 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.

plural of limited liability company

(Britain, law) the legal requirement for homeowners to pay for their local church's repairs

A type or form of for-profit incorporated company where ownership is divided into shares that are publicly tradeable usually in a stock exchange.