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Discuss the advantages and disadvantages of limited legal liability in practice. Refer to any legal judgments...

Discuss the advantages and disadvantages of limited legal liability in practice. Refer to any legal judgments of courts in the United Kingdom, Australia or Singapore that you think are relevant to your argument.

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Answer #1

Limited Legal Liability:

It is the written agreement between the individuals and they determine the mutual rights and duties of the individuals and their rights and duties in relation to that Limited Legal Liability.

Following are the advantages of limited legal liability:

  • Flexible in structuring the management
  • Owners are not personally responsible for business debts and liabilities
  • Liability is limited

Following are the disadvantages of limited legal liability:

  • More expensive to form such type of entity
  • No perpetual existence
  • Ownership is typically harder to transfer than with a corporation.
  • This form is less popular, hence procuring equity and debts are difficult.
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