The election of joint and several liability is irrevocable once made it cannot be revoked by, say, an amended tax return.
In 1995 the Private Securities Litigation Reform Act substituted proportionate liability for joint and several liability as the standard for damages.
Starting with the informal summit this week, it is time for the next step down the long and winding road to joint and several liability of eurozone debt.
Given the hazard of joint and several liability and the fact that filing jointly is an irrevocable election, I really think the default assumption should be separate filing.
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Indeed, the Australian government said last year that it would replace the principle of joint and several liability for auditors with that of proportionate liability, and also allow auditors to incorporate.
Joint and several liability means that each spouse is liable for up to the full amount of the liability, though the IRS cannot collect more than the full amount of the liability.
The joint and several liability cannot be undone, except through an innocent spouse proceeding, which we know from this and many other cases is anything but a piece of cake for the taxpayer.
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According to the Gibson update, not only does the Amnesty program release cooperating applicants from potential criminal liability, it prevents civil plaintiffs from recovering treble damages and protects civil defendants from joint and several liability.
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Joint and several liability is the problem.
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It creates joint and several liability.
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The question of the year: Does Merck limit its Vioxx liability by winning several trials?
Two longtime business partners started a venture to develop geothermal energy, and formed several companies, including two limited liability companies.
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There are several amendments in play on issues like liability of employers after industrial accident, regulation of lettings agents and against the abolition of the Agricultural Wages Board, where Tory icon Lady Trumpington has signed an amendment along with Labour's Lord Whitty and the Bishop of Hereford.
That liability could be much higher at the most profitable firms, according to several people with knowledge of finances at some top law firms.
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That means that importers pay estimated antidumping duties on goods when they enter the United States, but the final liability is not known until much later often 18 months to several years later.
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