Friday, July 31. 2009Does eBay really not own Skype's IP?Trackbacks
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Limited liability protects shareholders, not directors, so you really do not want it removed per se.
As a shareholder, the directors are your employees so it is your business to call them to account. You might be able to sue them for negligence. I think shareholders can sue companies in the US, but all they do is win their own money from themselves (except insofar as some shareholders benefit at the expense of others).
"Limited liability" is aimed at protecting the shareholders. Who, even in the UK (where class actions are a lot harder to do), will find it easier to sue the directors for negligence/breach of duty of care to the company, these days. In the case of a US corporation, your class action prediction may be right!
Drat - I knew that re Ltd Liability, why did I make that error? Embarrassed....
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