Question

Discuss how management and legislation can contribute to the success and failure of a Personal Liability Company.

Answer 1

 This would presumably continue to apply to personal liability companies under the new Act. Under the previous company

Answer 2

Answer:

The principle difference between a personal liability company and a private company is that directors of a personal liability company, as well as previous directors, can be held responsible for the debts of the company. However, the owner of a personal liability company is considered separate from the company.

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