The SRL (ro societate cu raspundere limitata) is a widely used type of company recognized by the laws of Romania. It is similar to the French societe a responsabilite limitee (SARL), the private company limited by shares (Ltd.) in the UK/Ireland and the original German Gesellschaft mit beschrankter Haftung (GmbH). The English translation is limited liability company. SRL has legal personality (corporate personhood) distinct from that of its shareholders and performs commercial activities on its own name and liability. In this manner, the limited liability company enters into contracts, owns property and indebts itself as a separate legal entity. If the company runs into debt, shareholders are personally responsible for the company's obligations only within the limit of the value of subscribed share capital. Moreover, during the existence of the company, personal creditors of the shareholder may exercise their rights only against the benefits owed by the company to the shareholder after balance sheet approval and, after dissolution, only against the goods that the shareholder shall receive as a result of the liquidation of assets.