Assertion: close corporation's shareholder | /r/HasProperty | held liable
Facets:
value: personally
type: MANNER
value: for debts of the corporation
type: PURPOSE
value: for corporate debts
type: CAUSE
value: in a close corporation
type: LOCATION
value: for illegal conduct
type: CAUSE
value: potentially
type: DEGREE
value: within an organization
type: LOCATION
value: for fulfilling these duties
type: CAUSE
Source sentences:
text: In a close corporation, however, shareholders may be held liable for fulfilling these duties if they take on management roles.
text: That means each shareholder could be held potentially liable for illegal conduct within an organization, even if no personal knowledge of such conduct existed.
text: no shareholder, officer or director may be held liable for debts of the corporation unless corporate law was breached or a personal guarantee was given.
text: If adequate minutes are not kept, the shareholders may be held personally liable for corporate debts.