Why do we put up with limited liability, and how should we manage its consequences?

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One of the issues I discussed in the question and answer session after the debate I took part in last night at the Tax Coop meeting was the abuse of limited liability companies, most especially in the U.K., but which we permit to be exported to other countries using companies incorporated here. It’s a big problem, which makes this morning’s video especially relevant. Why do we put up with limited liability, and how should we manage its consequences?