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Moon phases


Limited Liability

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Limited Liability

Post by daveiron on Thu Nov 15, 2018 7:18 pm

Limited Liability
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Re: Limited Liability

Post by Phillpots on Thu Nov 15, 2018 8:16 pm

This is good info. My bugbear is 'non-limited business' which all government departments (council/police etc) names are listed under. Crack this code 'so to speak' and we are certainly a step closer to exposing the con/fraud.

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Re: Limited Liability

Post by assassin on Fri Nov 16, 2018 1:44 am

This is where the plan of individual liability comes into play, if each has a shareholder has a limited liability that is fine, but employees are not shareholders and merely employees and have not bought shares so cannot limit their individual liability as they have no investment, just a benefit.

Take a department, 10 people are liable for a cocophany of errors which means ten liabilities or individual liabilities which are unlimited liabilities and you can bring an action against them all for unlimited damages, and then against the corporate entity under vicarious liability for an equal amount.
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Re: Limited Liability

Post by handle on Fri Nov 16, 2018 4:34 pm

He is talking about the "veil of incorporation" You can lift the "veil of incorporation" on proof of fraud/impropriety. Then the "Person of Significant control" (usually having most shares) becomes liable.

There are almost very few non-limited business. Most are limited to protect the shareholders. Unlimited business are sole traders and partnerships. However, you can be a limited liability partnership and this is registered at co house. However, one partner takes the ultimate liability.

Interesting point about employees. An employee can be sued by the company if the company has suffered (which may itself have been sued by someone else). However, its not usual for anyone not part of a company to sue an individual employee. It is easier to sue a company anyway.

The interesting thing is that from 5th April 2016 you cannot see the shareholders of a company. Instead you only see the person of significant control. The old filing of the "annual return" has been replaced with a "confirmation statement".
THIS MUST BE CHANGED BACK YO THE ANNUAL RETURN as too many interested parties are hiding their involvements with companies.

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Re: Limited Liability

Post by assassin on Sat Nov 17, 2018 1:31 am

Wrong Handle, anybody can sue anybody. just because it is normally a company which sues an employee it doesn't mean an individual cannot sue them. To an extent it does depend upon circumstances, and it also has to fall under civil or criminal law such as have they caused you a loss, financial or tangiable; have they defamed you by their actions, or harassed you.

In many cases they will fall under both civil and criminal actions and anyone is within their rights to report criminal actions to the Po-lice and have them investigate; or they have the right to bring a private prosecution. In some cases there may be a cover up of a persons actions while in their employment which brings fraud as an example, into play.
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Re: Limited Liability

Post by handle on Sat Nov 17, 2018 7:15 am

The actions of employees are usually covered by various insurances. eg Employers liability, public liability, directors and senior officers liability etc. Generally the actions or torts of an employee are covered by these and it is the company that bears the action. An employee can always say he was acting within his duties. Unless, it is proven that he has acted outside of his duties,

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Re: Limited Liability

Post by assassin on Sun Nov 18, 2018 1:59 am

It also says that an employee has a duty of care and if they fail in that duty then they are acting unlawfully, there are many similar things.
Most claims against organisations are bought under an insurance policy and the money men kick in and go for the easy target which is the company or organisation as it has proven assets and insurances, this is why they go for them; at around £5000 per hour for High Court time it is often easier to pay someone off with a non liability arrangement in place. This still doesn't mean you cannot bring a case against an individual or individuals.
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Re: Limited Liability

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