Personal and joint liability of partner in limited liability company in UAE federal corporate law No. 32 of 2021

The limited liability company (LLC) is regarded as a significant contributor to the national economy. Many people use it because they believe their liability is limited to the amount of their capital share. The UAE lawmaker recognized this in the Commercial Companies Law No. 32 of 2021, when it iden...

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Detalles Bibliográficos
Autores principales: Kisswani, Nazzal, Farah, Ahmad
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Elsevier 2022
Materias:
Review Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9445291/
https://www.ncbi.nlm.nih.gov/pubmed/36082334
http://dx.doi.org/10.1016/j.heliyon.2022.e10322
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author Kisswani, Nazzal
Farah, Ahmad
author_facet Kisswani, Nazzal
Farah, Ahmad
author_sort Kisswani, Nazzal
collection PubMed
description The limited liability company (LLC) is regarded as a significant contributor to the national economy. Many people use it because they believe their liability is limited to the amount of their capital share. The UAE lawmaker recognized this in the Commercial Companies Law No. 32 of 2021, when it identified cases in which the partners’ liability for debts and obligations becomes personal and joint in the event of violation of the law or fraud by the partners or managers of the company. As a result, the capital is not the only guarantee for the creditors of the company. This study aims to analyze the legal texts and elucidate the cases in which the partners' liability is regarded personal and joint.
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spelling pubmed-94452912022-09-07 Personal and joint liability of partner in limited liability company in UAE federal corporate law No. 32 of 2021 Kisswani, Nazzal Farah, Ahmad Heliyon Review Article The limited liability company (LLC) is regarded as a significant contributor to the national economy. Many people use it because they believe their liability is limited to the amount of their capital share. The UAE lawmaker recognized this in the Commercial Companies Law No. 32 of 2021, when it identified cases in which the partners’ liability for debts and obligations becomes personal and joint in the event of violation of the law or fraud by the partners or managers of the company. As a result, the capital is not the only guarantee for the creditors of the company. This study aims to analyze the legal texts and elucidate the cases in which the partners' liability is regarded personal and joint. Elsevier 2022-08-24 /pmc/articles/PMC9445291/ /pubmed/36082334 http://dx.doi.org/10.1016/j.heliyon.2022.e10322 Text en © 2022 The Author(s) https://creativecommons.org/licenses/by/4.0/This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).
spellingShingle Review Article
Kisswani, Nazzal
Farah, Ahmad
Personal and joint liability of partner in limited liability company in UAE federal corporate law No. 32 of 2021
title Personal and joint liability of partner in limited liability company in UAE federal corporate law No. 32 of 2021
title_full Personal and joint liability of partner in limited liability company in UAE federal corporate law No. 32 of 2021
title_fullStr Personal and joint liability of partner in limited liability company in UAE federal corporate law No. 32 of 2021
title_full_unstemmed Personal and joint liability of partner in limited liability company in UAE federal corporate law No. 32 of 2021
title_short Personal and joint liability of partner in limited liability company in UAE federal corporate law No. 32 of 2021
title_sort personal and joint liability of partner in limited liability company in uae federal corporate law no. 32 of 2021
topic Review Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9445291/
https://www.ncbi.nlm.nih.gov/pubmed/36082334
http://dx.doi.org/10.1016/j.heliyon.2022.e10322
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