LSDefine

Simple English definitions for legal terms

limited liability

Read a random definition: improbation

A quick definition of limited liability:

Definition: Limited liability means that if you invest in a company, you are only responsible for the amount of money you put in. If the company gets into trouble and owes money, you won't have to pay more than what you invested. This protects your personal assets from being taken away to pay for the company's debts. However, there are some situations where this protection can be taken away, such as if the company is not run properly.

A more thorough explanation:

Limited liability is a characteristic of corporations and Limited Liability Companies (LLCs) that limits the liability of investors to the extent of their investment. This means that if the company faces a lawsuit or debt, the judgment is against the company and not its owners or shareholders.

For example, if you invest $10,000 in a corporation and the company goes bankrupt, you will lose the value of your shares, but you will not be held responsible for any additional debt or judgments against the company. Your personal assets, such as your car or house, are protected from being seized to pay off the company's debts.

However, there is an exception to limited liability called piercing the corporate veil. This occurs when a court determines that the company is not operating as a separate entity from its owners, and therefore the owners can be held personally liable for the company's debts.

limited jurisdiction | limited liability company (LLC)

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

FalseClearFlounder

16:35

@JupitersMoons: sorry if I got your hopes up, was just saying that with today being a big deposit deadline day tomorrow will give a lot of schools more clarity.

hcarralero2005

16:42

So are we likely getting answers tomorrow?

hcarralero2005

16:42

I'm so stressed out

legallybrunettelily

16:43

when did you apply

windyMagician

16:43

me and my twin

hcarralero2005

16:44

I applied in February, I had to, my LSAT score didn't arrive until late Jan

windyMagician

16:44

tbh i didnt find the app process that stressful

windyMagician

16:44

worst part was trying to get everything in early

windyMagician

16:45

i was a date checking truther but it ended up working out for me

hcarralero2005

16:45

I'm not looking foward to having to go through this again next year if I fail

legallybrunettelily

16:45

i wouldnt be shocked if you dont hear back until mid may

windyMagician

16:45

@hcarralero2005: got time to retake in august

windyMagician

16:46

uf might throw you something actually

hcarralero2005

16:47

Yeah I will retake in August if I have to, but this just sucks

legallybrunettelily

16:55

gulc and nusl wave seemingly

JupitersMoons

16:55

@FalseClearFlounder: no worries i just thought you were prophesizing

Butt-Breaker-9

17:01

🎶 “/b/merican Pie” (4chan Parody of American Pie) 🎶 (to the tune of “American Pie” by Don McLean) A long long time ago, I can still remember How those threads would make me cringe And I knew if I had my chance, I could make those anons laugh and kek And maybe they would post pepe’s for a while, But April made me shiver No OC and no new tripfag quiver No more feels threads on the board yep, I couldn’t post one more gif I can't remember if I cried When moot said "peace" and then retired But something touched me deep inside The day the memes all died

Butt-Breaker-9

17:02

So bye bye, this anon's gonna lie Posted cringe, lost my rep, now I'm wanting to die Them good old frogs were drinking Mt. Dew and Rye Singing “This’ll be the thread that won’t die— This’ll be the thread that won’t die” Did you write the Book of Kek And do you have a waifu pillows to love If the mods say “ban,” do you comply? Do you believe in triple dubs? Can greentext stories get you subs? And can you teach me how to troll real sly? Well I know that you’re a neckbeard bro ‘Cause I saw your pic on /r9k/ You posted cringe, I saw it The janitor ignored it You were a lone incel in a basement den With tendies gone and no real friends And I knew you’d post it all again The day the memes all died We were singing bye bye, Pepe’s tears never dry

Butt-Breaker-9

17:02

Tried to normiepost on /pol/ and got hit with a pie Them /fit/ bois bench while the /g/ necks cry Singing “This’ll be the board where I die— This’ll be the board where I die” Now for 22 years we’ve been on this site And still the threads are full of spite But that’s just part of what we do When rage gets poured out through the keys And wojaks flood in endless seas We laugh and cry but never break the glue And while Reddit rose to mainstream fame We stayed behind, proud and insane No karma to be farmed Just bait to be disarmed And as moot rode off into the night We lit our torches, typed in spite The kekistanis took their flight The day the memes all died

Butt-Breaker-9

17:02

They were singing bye bye, 4chan's edgelords cry Sent a frog into space just to watch him fly And the Discord kids all waved goodbye Singing “This’ll be the site that won’t die— This’ll be the site that won’t die” helter skelter in a basement shelter, Shitposts flew in the summer swelter Eight-chan fell, and the feds came fast The thread got nuked, it didn’t last The bait was thrown, but none would cast While tripfags cried and seethed from second-class Now the halftime air was vape and doom While /mu/ played breaks from an old cartoon We all rose up to flame Oh, but it wasn’t quite the same ’Cause the board tried hard to seize the field But mods came in, refused to yield Do you recall what got revealed The day the memes all died?

Butt-Breaker-9

17:02

So bye, bye to my thread full of lies Janny nuked it in a minute, didn’t care if I cried And the frogpost kings just waved it goodbye Singin’ “This’ll be the site where we die This’ll be the site where we die” Oh, and there we were, all in one thread, A site where hope and braincells fled With no way left to post again So come on, anon, be fast, be slick Get your dubs and post it quick ‘Cause cringe is just the janny’s bitter friend Oh, and as I watched that cursed old page My soul was filled with boiling rage No mod in God’s own land Could cleanse what we had planned And as the flames lit up the Chan that night To crown some meme-born antisite I saw the Jannies laughing with delight The day the memes all died

Butt-Breaker-9

17:02

We were singin’ bye-bye, this anon’s gonna fry Posted dox in the thread, now the FBI’s nigh And them oldfag ghosts just sipped their Red Bull dry Singin’, “This’ll be the board where we die This’ll be the board where we die” I met a frog who sang the blues And I asked him for some dank-ass news But he just dabbed and turned away I went down to the /b/ thread store Where I’d seen the OC years before But the jannies said the thread had been 404’d away And on the boards, the anons screamed The trolls all laughed, the waifus beamed But not a word was spoken The captcha code was broken And the three men I admire most— Moot, Ron, and that one based ghost— They caught the last train to the coast The day the memes all died And they were singing bye bye, trolling legends don’t die

Butt-Breaker-9

17:02

[deleted by babycakes]

JupitersMoons

17:02

ope mods we have some slurs being flung around

Butt-Breaker-9

17:02

RIP 4Chan

Butt-Breaker-9

17:03

Internet died today. Gen Alpha will never know what it was like to have a truely free internet.

NightHawkBird

17:04

fuck northeastern what stats do they want im so confused im killing their medians

NightHawkBird

17:16

I want to ask northeastern what they wanted

JupitersMoons

17:22

holy northeastern wave batman

JupitersMoons

17:22

@NightHawkBird: sorry bestie that sucks and i get the vibes

LSD+ is ad-free, with DMs, discounts, case briefs & more.