A common fallacy is that business cannot function without limited liability laws. That is not true, but business would have to change in ways that are good.
Removal of the limited liability laws would make people more careful about where they invest their money. Boards of directors would have to be more careful in scrutinising the actions of company managment. Better stewardship would result.
The family business would become a more popular model, as the relationship between investors and managers becomes more important. Families would be strengthened.
Small businesses would be less affected, as banks gejnerally require the shareholders of small limited liability companies to give a personal guarantee for any money they borrow. Banks are to cunning to allow the government to shift liability to them.
Corprate sturctures would change, as large conglomerates would be a more risky investment. Large conglomerates do have the power to bully governments and manipulate. The Virtual Beast would be constrained.
We have a big God, we do not need big business.