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English definition of “limited company”

limited company

noun [C]     LAW
a company, especially one in the UK, whose owners only have to pay part of the money they owe if the company fails financially: The new venture will give musicians the opportunity to form either a limited company or work as sole traders. → Compare unlimited company → See also company limited by guarantee, company limited by shares, limited liability company, LLC, sole trader, sole proprietorship, unlimited company
(Definition of limited company noun from the Cambridge Business English Dictionary © Cambridge University Press)
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