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https://www.michigan.gov/taxes/coll-audit/collections/corporate-officer-liability-frequently-asked-questions#:~:text=Corporate%20Officer%20Liability%20%28COL%29%20refers%20to%20holding%20an,for%20unpaid%20tax%20debts%20accrued%20by%20a%20corporation.
https://sgrlaw.com/ttl-articles/893/
Under the “deepening insolvency” theory, if the directors and officers expand corporate debt and prolong the life of a corporation, the directors and officers may be held liable because the continued operations of the corporation have the effect of increasing losses and deepening the corporation’s insolvency, thereby further reducing the value of the corporate assets and …
https://www.jonathancooperlaw.com/blog/when-you-can-incur-personal-liability-for-a-corporate-debt-in-new-york.cfm
Piercing the Corporate Veil. First, and at the risk of stating the obvious, a corporate officer can be held responsible for his bad acts if the corporation is a sham, or his personal alter ego. This exception to the general rule falls within the ambit of the well-known doctrine called piercing the corporate veil. This exception makes an awful lot of sense, because a defendant should not be …
https://www.michigan.gov/taxes/coll-audit/collections/corporate-officer-liability-frequently-asked-questions
Corporate Officer Liability (COL) refers to holding an individual (an officer, member, partner etc.,) of a corporation personally liable for unpaid tax debts accrued by a corporation. When a corporation fails to file returns or pay taxes due, the Michigan Department of Treasury, Office of Collections, will attempt to collect the debt from any individual who the Department has …
https://corpgov.law.harvard.edu/2021/02/21/recent-trends-in-officer-liability/
AmerisourceBergan Corp., in the context of resolving a books and records demand seeking “senior management materials,” the Court of Chancery expanded on officer liability, reiterating the longstanding principle that officers are “corporate fiduciaries” who “owe the same duties to the corporation and its stockholders as directors.” The court further explained that …
https://www.upcounsel.com/personal-liability-of-corporate-officers
Typically, a corporate officer isn't held personally liable, as long as his or her actions fall within the scope of their position and the parameters of the law. An officer of a corporation may serve on the board of directors or fulfill a managerial role. A corporate officer may also be: A shareholder; A regular employee
https://www.companydebt.com/personally-liabilty-of-company-secretary/
Liabilities A company secretary may be held personally liable should the rules laid out in the Companies Act not be adhered to. Just as directors themselves might be held financially responsible for negligence, so too does the Companies Act make clear, in almost 100 of its sections, the offences which any company officer could commit.
https://www.nolo.com/legal-encyclopedia/personally-liable-llc-corporate-debt-bankruptcy.html
Sometimes, you can become personally liable for the debt of your corporation or LLC. Learn how this happens. By Baran Bulkat, Attorney. One of the main reasons people form a corporation or a limited liability company (LLC) is to limit their personal liability for company debts. However, there are many ways to become responsible for company debts. Read on to learn more about …
https://legalbeagle.com/12717738-can-the-officer-of-a-corporation-be-held-personally-liable.html
Limited Liability. The law expressly provides limited liability for officers, directors and shareholders acting on behalf of the corporation. An injured party or a creditor cannot sue corporation employees for actions they took in the corporation's name. For example, if an officer signs a loan document on behalf of the corporation and the corporation defaults, the lender's …
https://www.forbes.com/sites/stephendunn/2011/11/13/officers-personal-liability-for-their-companys-unpaid-taxes/
States have parallel schemes for holding officers personally liable for their business’ undeposited taxes. Michigan law, for example, provides that any Michigan tax which a business incurs but...
https://www.greenbergglusker.com/publications/when-corporate-officers-are-personally-liable/
They are being charged with corruption and are the subjects of governmental investigations, shareholder lawsuits and the public’s unquenchable thirst for payback. And they are receiving harsh sentences and lengthy jail terms. The fears of corporate officers over personal liability for their actions are wellfounded. Type a name or keyword.
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