who is legally responsible for a corporation
A corporation or LLCâs owners may also be held personally liable if they are found to have committed fraud. If the owner made fraudulent representations or omissions when applying for a business loan, he or she can be held personally responsible for the resulting harm to the creditor and risk losing personal assets.osigning or Personally Guaranteeing Business Debts. If you cosign on a business loan, you are as equally responsible as the corporation or LLC to pay it back. This is usually the simplest way to voluntarily make yourself liable for your companyâs debts.