Quote from: Yolocoin on October 20, 2012, 10:59:58 PM

Quote from: chrisrico on October 20, 2012, 04:42:00 PM

Quote from: Yolocoin on October 20, 2012, 04:31:44 PM

And yes, since it wasn't a registered corporation, all of the share holders are personally liable.

Source?

US: Partnerships that are not registered as a LLP or Corp share the liability among all the owners. If one partner in a company owes money, all partners owe it. If one is found criminally negligent in civil court, all partners are on the hook for damages.
http://www.nolo.com/dictionary/partnership-term.html

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Refers to a legal structure for a business of two or more individuals; called a general partnership when used without a qualifier such as "limited" or "limited liability." Each owner (partner) is personally liable for all debts of the business, and each partner claims a share of the the business's income or losses on the partner's individual tax return. To form a partnership, each partner normally contributes money, property, or labor in exchange for an ownership interest in the partnership. Most partnerships are created by a formal written partnership agreement, although they may be based on an oral agreement or just a handshake. See also: limited partnership, limited liability partnership (LLP)

UK: Pretty much the same: http://www.legislation.gov.uk/ukpga/Vict/53-54/39

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Liability of partners.Every partner in a firm is liable jointly with the other partners, and in Scotland severally also, for all debts and obligations of the firm incurred while he is a partner; and after his death his estate is also severally liable in a due course of administration for such debts and obligations, so far as they remain unsatisfied, but subject in England or Ireland to the prior payment of his separate debts.

AUS: yep, same thing where all partner is the same as owner and all liability is shared: http://www.austlii.edu.au/au/legis/act/consol_act/pa1963154/s13.html

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Liability of partner

(1) Each partner in a firm other than an incorporated limited partnership is liable jointly with the other partners in the firm for the debts and obligations of the firm incurred while the partner is a partner.

Heh, then if GLBSE pays DMC, oh, 10k BTC, that should cover the damages and we wouldn't need to go to court.