Ltd. Law and Legal Definition

Ltd. is an abbreviation standing for limited company, used by a business incorporated under the laws of Canada, England, Wales, Scotland, the Republic of Ireland, and other Commonwealth countries. The term is also used in some Anglophone countries in Africa, like Ghana or Nigeria. It is equivalent to a limited liability company in the United States. The main advantage to a limited company is that the shareholder responsibility for corporate debt is limited to the amount he or she invested in the company or is otherwise responsible for as stated in the corporate agreement.