As a serial entrepreneur, I have benefited greatly from limited liability, however I see it being abused almost everywhere. I think we should get rid of it in general.
The concept of limited liability is the source of many of America’s societal ills.
If people were liable forever for the actions and could not contract it away, especially when concerning actions that can harm the public, you would see executives and boards of directors behave very differently do today.
Limited by ability socializes risk and harms and prioritizes profits. They both should be privatized.