Directors have significant legal duties and potential liabilities. According to corporate law experts, these responsibilities include: i) Acting within their powers as defined by the company's constitution ii) Promoting the success of the company iii) Exercising independent judgment iv) Exercising reasonable care, skill, and diligence v) Avoiding conflicts of interest vi) Not accepting benefits from third parties Directors can be held liable for tax dues, misstatements in the company's prospectus, company debts, and fraudulent business conduct. The concept of "lifting the corporate veil" allows courts to disregard the company's legal entity in cases of fraud or misuse.