Personal liability
A debt or legal obligation that falls on an individual personally and can potentially be enforced against their own income or assets.
Related terms
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Personal liability for company debt
A situation where a director, shareholder or other individual can be pursued personally for a company obligation because a separate legal basis for liability exists.
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Corporate liability
A debt or legal obligation owed by a company in its own name, rather than automatically by its directors or shareholders personally.
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Personal exposure
The amount of financial or legal risk that could fall on an individual personally rather than remaining with a company or another entity.
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