when we say that a Director has personal liability for misstatement in prospectus and when we say that directors/members have unlimited liability in an un limited liability company . What is the difference b/w the two types of liabilities
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difference b/w personal liability & unlimited liability?
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in case of misstatement of prospectus the director or the person authorised to issue the prospectus shall be personally liable i.e, not used co's any asset onlt their personal
& in case of unlimited liability co. every member is liable to contribute to the assets of the co. until all the debts of the co. are paid in full & in other way the memorandum doesn't anyway limit the liability of members not personally liable
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