Liability6 faqs Question. Limited liability is a principle of modern statute law which limits the responsibilities of shareholders in a partnership, joint-stock company, etc.
Personal interest refers to either the shares a person owns or the amount of a membership.
It includes unpaid amounts. Thus, if a company or other corporate body is liable for something, the amount any individual shareholder or member might have to pay is the unpaid amount of their shares or membership. If paid up, they might lose the amount of their shares or membership if that has to be paid by the company to cover its liability. The Legal Studies Program gratefully acknowledges the financial assistance of the Alberta Law Foundation. LawNow also gratefully acknowledges the sponsorship of the original magazine columns by the Board Development Unit of Alberta Community Development.