JAMB - Commerce (2020 - No. 1)
A distinguishing characteristic of a limited liability company is that
is a collection of many sole proprietors
is a multiple partnership
has limited resources
can sue and be sued
Maelezo
A ''limited liability'' company means that in the event of folding up, the liabilities of the business are limited to the invested capital. This means that the personal properties and assets of the business owner cannot be used to settle the company's liabilities/debts.