personal liability
Your own fault
Personal liability is legal responsibility for debts or damages that falls on an individual rather than a business entity.
When someone has personal liability, their own assets—home, savings, car—can be seized to satisfy obligations.
Business structures like corporations and LLCs exist largely to shield owners from personal liability: The LLC protects my personal liability if the company gets sued.
Without such protection, a failed venture or lawsuit can pursue everything you own.
- waiverFormal surrender of rights
- debtMoney owed another
- negligenceFailure to exercise care
- umbrella policySupplemental liability insurance
- piercing the veilExposing concealed reality
garnishment · asset seizure · tort · disclaimer · accountability · bankruptcy · foreclosure · held responsible · fiduciary duty · deep pockets · insolvency · creditor · out of pocket · financial ruin · restitution · lien · coverage limits · risk assessment
- insuranceinsurance, coverage, auto insurance, life insurance, home insurance
- partnershipspartnership, business partnership, alliance, joint venture, joint ventures
- corporate liabilitycorporate veil, piercing the veil
- liability insuranceerrors and omissions, malpractice insurance, umbrella insurance, professional negligence, medical malpractice
- tort lawtort, tort law, negligence, duty of care, breach of duty
- D&O Insurancecorporate officers, board members, board member, corporate executives, executive protection
personal liabilitylimited liability
Capped financial responsibility for owners
liability shield · asset protection · corporate veil · indemnification · liability protection
personal liabilityimmunity
Protected from harm
legal immunity · indemnity · sovereign immunity · qualified immunity · hold harmless
personal, liability, person, persons, personhood, personage, personify, personification, personified