personal liability

personal liability
personal liability see liability 2b

Merriam-Webster’s Dictionary of Law. . 1996.

personal liability
Shareholders in a limited company are only liable to third parties to the limit of their shareholding. Other participants e.g. directors would not normally have any personal liability except with respect to creditors where there has been wrongful or fraudulent trading or when personal guarantees or other such undertakings have been given by directors of the company or others.

Easyform Glossary of Law Terms. — UK law terms.


personal liability
n.
Liability for a matter extending to an individual’s personal funds and property.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.

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