The owner can be held personally liable for business debts, but it depends on the business structure and what type of contract the owner holds. If the owner is operating a sole proprietorship (he/she is the only owner), the owner and the business are technically considered the same entity, meaning the owner has full personal liability for any business debt. In a partnership, the business belongs to each partner, meaning that business debt also belongs to each partner personally. Each partner is liable for 100% of business debts. The only time an owner is not held personally liable for debts is in a corporation or LLC. In both of these cases, the business and owner are considered separate entities and, in theory, the owner could have no personal liability for business debt. Liability could occur if the owner has signed a personal guarantee, has offered his/her property as collateral, has signed a contract in his/her own name, he/she uses personal loans or credit cards to fund the business, or there is some sort of fraud or sloppy record-keeping.
can the executor be liable for estate tax
Yes,You would be found to be personally liable in any at fault crash. This is normal.ButThe insurance company may not pay on your behalf like they normally would because you were drunk
This is simply the doctrine that the directors of a company cannot be personally held liable by the company or shareholder. It distinguishes the company as a 'legal' person that may sue for breach of his or rights.
Its possible to do it and its not......
If there is a lawsuit, they will name the owner of the vehicle, your insurance company would more than likely represent you/your daughter. I do not think you can be held liable personally.
DOD officials can be held personally liable.
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In big rig accidents both the driver and trucking company are held liable. It really depends on what caused it.
Yes, they could be held liable, but only if the negligence is contributable to a loss
The owner of the vehicle is going to be held liable for any damages caused by the underage driver.
Corporations are generally much easier to sell and are usually more attractive to buyers than either a sole proprietorship or partnership. The reason for this is because a new buyer will not be personally liable for any wrongdoings on the part of the previous owners. If someone buys a sole proprietorship, for example, the new owner can be held personally liable for any mistakes or illegalities on the part of the prior owner…even if the new owner had NOTHING to do with the situation! This is usually NOT the case with a corporation.
They are not personally responsible. However, they could be held liable for violation of fiduciary duties.