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A limitation (a cap) of liability clause is a contractual provision that restricts the amount of damages a client can recover from a company. Uncapped liability is a liability without a limit.
Felicia Kuphal
Wiki User
∙ 6y agoLegally, liabilities are things you are responsible for such as debts or breakages.
In the status of an individual or group, liabilities are drawbacks or negative attributes, just as assets can describe positive attributes. For example, less than average weight and a problem with catching passes can be liabilities for a running back in professional football.
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What do you mean by internal and external liability of the company?
internal liability mean that company will pay salary, so salary is internal liability, and the company will pay interest to bank it is external liability.
What does a credit balance on partner's current account mean?
current liability
What does it mean a married couple filing a joint tax return has joint and several liability for the taxes associated with the return?
It means that they have joint liability as a couple and also individual liability, so that each one can be charged separately.
What other term would mean almost the same as assets and liability?
Net assets
Is Creditors an asset or liability?
Current Liability
What does limited liability mean to corporations mean?
When an investor's liability is limited only to the initial investment
What do you mean by internal and external liability of the company?
internal liability mean that company will pay salary, so salary is internal liability, and the company will pay interest to bank it is external liability.
What does uncapped liability mean?
A limitation (a cap) of liability clause is a contractual provision that restricts the amount of damages a client can recover from a company. Uncapped liability is a liability without a limit.
What does LLC mean?
Limited Liability Company.
What does liability in consequence mean of negligence mean?
i have no idea but then again I am dumb
What does Class LLC mean?
Limited Liability Corporation.
Mean of liability and ten examples?
a liability is what the business owes e.g. loans, bank overdraft, owing a supplier for inventory
What does llc after a company's name mean?
Limited Liability Corporation
What does date of liability mean?
It's the date road tax is due.
What does indemnity mean?
A legal obligation to cover a liability, however arising.
What does PLLP mean after an attorneys name?
Professional Limited Liability Partnership
What does a credit balance on partner's current account mean?
current liability
