sir if llp or companys losses exceed companys assets will personal liability of partners of llp or directors of company respectively come into picture eg llps losses are 50 cr but llps assets are only 25 cr
It depends on the documents executed as a security for such advances/loans received. without individual guarantee of directors, banks generally do not entertain advances to the company. The advantages in company type of business are that the liabilities are limited to the extent of shareholdings only. In case of cheque bouncing cases, directors in individual capacity also have liability..Please contact Auditor of the company to learn facts of such liability.