no liability

Noun

 * 1)  A form of limited liability that may be used by mining companies, under which the shareholders may pay a company debt by surrendering shares in lieu of money.

Usage notes
Often used attributively, as in a no liability company. The term or its abbreviation must by law be included in the company name. No liability differs from ordinary limited liability in the treatment of part paid shares: ordinarily a company can sue shareholders for the balance (when called to pay); with no liability the shareholders can surrender their shares instead of paying.