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limited liability
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limited liability -- as in: a limited liability partnership
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  • They are immediately appointed to positions of high public trust in several different countries as managing directors of banks, traffic managers of railways, chairmen of limited liability companies, vicechairmen of hotel syndicates.

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  • Miss Brinklow wishes to convert us, and Mr. Barnard would also like to convert us—into a limited liability company.
    James Hilton  --  Lost Horizon

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