limited liability company
/L IH1 M AH0 T AH0 D L AY0 AH0 B IH0 L IH0 T IY0 K AH0 M P AH0 N IY0/noun
- 1
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.
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Source: https://en.wiktionary.org/wiki/limited%20liability%20company