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Co-signing is common for small companies (where directorship and ownership frequently coincide).

Yeah, tell me about it.


But how you make the leap to " government to run every detail of your industrial society" is beyond me.


Because you've pretty much killed big companies.  It looks like you have everyone involved on the hook for everything if the company fucks up.

I don't know about other countries, but in Irish law, in theory, limited liability only applies if you're trading in good faith. Fraudulent trading, for instance, strips the liability and the directors are liable for the debts of the company.

The problem is not, in many cases, company law, the problem is company law enforcement. The US seems to need a revision to its legal system to properly codify legal personhood and limit it.

by Colman (colman at eurotrib.com) on Mon Nov 14th, 2011 at 05:13:56 AM EST
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