Court Opinion

ID: 9518596
Source: CourtListenerOpinion
Date Created: 2023-08-07 00:56:55.430602+00
Date Added: 2024-06-11T12:28:32.130967
License: Public Domain

NEAL, Presiding Judge,
concurring.
I concur in the majority opinion for the reasons stated therein, and the result reached. In addition I desire to add the following. The plaintiff's argument, in essence, is that because the defendant and their members, as well as other interested persons, caused Central to be created and incorporated, and supported its purpose, they became indemnitors to the corporate debt. The very purpose for which a corporation is created is to create a vehicle with which the organizers and backers can conduct some business enterprise they are interested in, financially or otherwise, with limited liability to themselves. All corporations have such interested persons and backers who participate financially, and as officers and directors. Corporate law envisions such participation. In many fields of endeavor a single interest group may compartment the areas of activity into separate corporate entities, all controlled by a single holding company or by individuals. Such does not result in residual liability to the organizers, officers, directors and supporters so long as the corporate entity is respected. Any contrary holding would render corporate endeavors in the world a shambles, and the corporate concept would become of no purpose. The evidence in this case shows merely interest, participation and support. There is no agency, nor control.