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.
First Page
Unlike shareholders in limited LIABILITY companies (private or public) and joint stock companies, who are LIABLE for no more than the amounts which they have contributed to the business association (limited LIABILITY), sole proprietors and partners have unlimited personal LIABILITY 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 LIABLE for their actions.