Who does limited liability protect and why was it developed in the first place? Professor J.W. Verret explains that limited liability is the key to large scale development. Small investors could take a chance on a business opportunity without the risk that they would be held personally responsible for accidents or problems. These people might lose the money they invested, but they would not be pursued for larger debts that the company could incur on its own.

J.W. Verret is an Associate Professor of Law at Antonin Law School at George Mason University. He teaches Banking, Securities and Corporation Law.

As always, the Federalist Society takes no position on particular legal or public policy issues; all expressions of opinion are those of the speaker.

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