Only the corporation is liable for contractual debts. Shareholders may be personally liable for corporate debts that they personally guarantee. Each officer and employee is personally liable for torts resulting directly from their actions. Federal and State tax ID numbers and registration are required. Only the LLC is liable for contractual debts.
Members are personally responsible for personally guaranteed debts.
Each officer and employee is personally responsible for torts resulting directly from their actions. Owners and partners are responsible for complying with rules and regulations, and are held liable for any violations. Even officers may be held liable for any violations, especially regarding taxes and employee payrolls. In a sole proprietorship situation, the owner makes all business decisions. Things become a little more complicated, however, when there is more than one owner.