Liability
Complete the text below with the noun “liability” and the derivative adjective “liable”.
Unlike shareholders in limited __________ companies (private or public) and joint stock companies, who are __________ for no more than the amounts which they have contributed to the business association (limited __________), sole proprietors and partners have unlimited personal __________ for all debts or damages payable by the business entities in which they participate. The widespread distinction between partnership and company is reflected in the Bulgarian opposition: персонално/ капиталово дружество.
Sometimes, for example when the company is used to perpetrate fraud or acts ultra vires, this ‘corporate veil’ can be ‘pierced’ or ‘lifted’ by the court and the respective shareholders held personally __________ for their actions.
Unlike shareholders in limited __________ companies (private or public) and joint stock companies, who are __________ for no more than the amounts which they have contributed to the business association (limited __________), sole proprietors and partners have unlimited personal __________ for all debts or damages payable by the business entities in which they participate. The widespread distinction between partnership and company is reflected in the Bulgarian opposition: персонално/ капиталово дружество.
Sometimes, for example when the company is used to perpetrate fraud or acts ultra vires, this ‘corporate veil’ can be ‘pierced’ or ‘lifted’ by the court and the respective shareholders held personally __________ for their actions.
Created: Monday, 8 December 2014, 11:38 AM by Десислава Митова
| Version | User | Modified | ||
|---|---|---|---|---|
| 1 | ИГИвелина Ганчева-Йоцова | 11:15 AM | 4 January 2016 |