The reason we have limited liability is because we wished to promote company ownership to more people. Personally I'm right behind the idea of telling people t

The reason we have limited liability is because we wished to promote company ownership to more people. Personally I'm right behind the idea of telling people that if they, or their pension fund, owns one share in BP they are jointly and severally liable for the entire corporate obligation of the company. It's certainly make more people take exercising their oversight duties more seriously. Attendance at shareholder meetings to elect boards would be much higher. But I think it might have a few unexpected impacts on the availability of capital that you should think about. There aren't many people who would be willing to take that risk.