Limited Liability Act 1855

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For the history of introduction of the Act and early experience with its application, see: Limited liability: History.

The Limited Liability Act 1855 (18 & 19 Vict. c133) was an Act of the Parliament of the United Kingdom that first allowed limited liability for corporations in the UK^[1].

Under the Act, shareholders were still liable directly to creditors, for the unpaid portion of their shares. The modern principle that shareholders are liable to the corporation was introduced by the Joint Stock Companies Act 1856.

[edit] Bibliography

Harris, R. (2000). Industrialising English Law: Entrepreneurship and Business Organisation, 1720–1844. Cambridge, UK: Cambridge University Press. ISBN 0-521-66275-3.
Hunt, B.C. (1936). The Development of the Business Corporation in England, 1800–1867. Cambridge, MA: Harvard University Press.
Mayson, S.W et al. (2005). Mayson, French & Ryan on Company Law. London: Oxford University Press. ISBN 0-19-928531-4.