Regular Medicare beneficiaries today have unlimited liability: Medi-care only covers a portion of certain procedures.
Then in 1878 the corrupt City of Glasgow Bank collapsed with unlimited liability, bankrupting hundreds of prominent shareholders.
It exists because traditional names trading with unlimited liability needed a way of getting out of the market.
The current US system has little slack because processes are extremely complex with huge fixed costs and unlimited liability.
Moreover, ownership of unincorporated firms, which carries unlimited liability, was much more tightly linked to the exemption level than was the extent of corporate ownership.
Unlimited liability meant there was less risk-taking, hence less economic growth.
Moreover, many new partners find the concept of unlimited liability unsettling.
Its already large (though circumscribed) liability in the euro zone, through bail-outs to individual countries, could become something like an unlimited liability for the public and private debts of others.
Khalid and his four brothers inherited NCB upon their father's death in 1994, and a 21% stake was sold to a group of private investors when the bank morphed from an unlimited liability private partnership into a joint stock company.
But for these vigorous conservation measures, the unlimited-liability names might well be an extinct species already.
It will be better for the US to realise that the principle of compensation is inevitable - and negotiate a limit on Loss and Damage rather than leave the liability unlimited.
However BP is thought to be relieved that it has reached a settlement, because the potential liability was unlimited - although the settlement involves the humiliation for the leading oil company of pleading guilty to criminal charges.
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