/ Dictionary / Index L limited liability: Meaning and Definition of Find definitions for: lim'ited liabil'ity Pronunciation: [key] a liability restricted by law or contract, as the liability of owners of shares in a corporation or limited company, or that of a special partner. Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease. limited edition limited monarchy Related Content Daily Word Quiz: impetuous Analogy of the Day: Today’s Analogy Spelling Bee: Today’s Spelling Bee Frequently Misspelled Words Frequently Mispronounced Words Easily Confused Words Writing & Language