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Open Talk Forum General Category General Discussion Topic: Limited Liability 0 Members and 1 Guest are viewing this topic. « previous next »
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Author Topic: Limited Liability  (Read 162 times)
« on: May 05, 2010, 06:36:45 PM »
Offline navigator17
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 Limited liability is a old steamship regulation which protected ship owners from many lawsuits due to the separation between management (on shore)..and a ships captain..(at sea).. the premise being that the company could not possibly oversee a captains actions while out of touch, and therefor the company's liability in the event of the loss of life and property while under the ships captains oversight, was limited by a formula, namely the cargo insurance rate and the amount (if any) of salvage of the wreck.

 This was done to protect what was a extremely hazardous investment for the ship owners, it spurred the progression of transoceanic shipping...

 Do we now need to extend this type of protection to newer technologies to encourage growth?
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« Reply #1 on: May 05, 2010, 07:17:44 PM »
Offline RIVERS
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Quote from: navigator17 on May 05, 2010, 06:36:45 PM

 Limited liability is a old steamship regulation which protected ship owners from many lawsuits due to the separation between management (on shore)..and a ships captain..(at sea).. the premise being that the company could not possibly oversee a captains actions while out of touch, and therefor the company's liability in the event of the loss of life and property while under the ships captains oversight, was limited by a formula, namely the cargo insurance rate and the amount (if any) of salvage of the wreck.

 This was done to protect what was a extremely hazardous investment for the ship owners, it spurred the progression of transoceanic shipping...

 Do we now need to extend this type of protection to newer technologies to encourage growth?

I'm a LLC...I feel it offers better protection than an 'INC'. There are disadvantages, but the laws of a LLC are pretty flexible, and have advantages over INC.
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« Reply #2 on: May 05, 2010, 08:02:50 PM »
Offline navigator17
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Not quite the same thing, I was speaking of Maritime law.. specifically off shore energy exploration...the common LLC is a extremely diluted version
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