We investigate the effects of exchange and correlation on the quasiparticle properties such as the self-energy, the many-body effective mass and the renormalization constant in a two-dimensional system of ultracold dipolar fermions with dipole moments aligned in the perpendicular direction to the plane. We use the G0W approximation along with the generalized random phase approximation, where the many-body effects have been incorporated in the effective interaction W through the Hubbard local-field factor. The many-body effective mass and the renormalization constant are reduced with the increase of coupling strength. We also study the effect of dipole-dipole interaction on the single-particle spectral function of the two dimensional dipolar Fermi liquid. We observe composite hole-zero sound excitation which is a bound state of quasiparticles with the collective mode (i.e. zero-sound) at intermediate and high coupling constants. These composite excitations are undamped at small wave vectors. Due to repulsion between quasiparticle and composite excitation resonances, we find a gap-like feature between quasiparticle and composite excitation dispersions at long wavelengths.