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If a corporation is sued for selling unsafe products and loses the suit and is held liable who is responsible for the debt?
Wiki User
∙ 11y ago
the shareholders
Wiki User
∙ 11y ago
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Is the check signer responsible for an NSF corporate check?
The corporation is liable. The signer is not personally responsible to the payee, though they may, of course, face internal repercussions if the check was improperly issued - but that would be a personnel matter for the corporation, and not the payee's concern.
What are the main reasons why corporation is separated from its owners?
The separation provides protection to the shareholders in the event corporation's liquidation. The shareholders are not liable more than the worth of their investments in the corporation.
Difference between partnership and public limited company?
A partnership is a legal term to define a joint venture of 2 or more persons. In a partnership all of the partners are jointly and severally liable for any losses. In this type of arrangement each partner can be forced to pay for all of any debts. They would then have the option of going after the other partners for their pro-rata share of the debt. In a limited partnership the only entity liable for the debts is the "general partner". The general partner can be either a person or another partnership or corporation. In a corporation the corporation is the only entity liable for debts. The owners are not liable. The corporation is a fictional "person" in the eyes of the law.
Can you be held liable for your parents debts?
Generally, no. Not unless you agreed to be responsible and signed an agreement to that effect.
Miguel has decided to start his own business as a sole proprietor Which advantage will he receive in choosing the option?
As a proprietor his advantages are:He will pay taxes only on his businesses incomeThe business will require very little paperwork to get startedHe will be able to deduct his business expenses from his incomeAs a proprietor his disadvantages are:He is legally liable for the actions of his business. If his business gets sued or and he is ordered to pay by the court, he will be personally responsible and this could wipe out his bank account. If the business cant pay back loans, he is personally responsible.If he were to set up a corporationThe corporation will pay income taxes on its income. He will receive a paycheck from the corporation and he will pay taxes on that income as well. In other words his income will be taxed twice.The corporation will deduct the business expenses from their income for tax purposes rather than himselfThe corporation will be legally liable if the business gets sued and is ordered to pay a settlement. The corporation would be liable if loans were not paid back, not himself (unless he co-signed the loan). This could wipe out the corporations bank account but not his own.
As an corporation, am I responsible or liable for depositing employment tax?
Yes, you are responsible for depositing employment tax. The liabilities for the tax are split between the corporation and the business owner
Is the check signer responsible for an NSF corporate check?
The corporation is liable. The signer is not personally responsible to the payee, though they may, of course, face internal repercussions if the check was improperly issued - but that would be a personnel matter for the corporation, and not the payee's concern.
If you are selling someone your car and thay wreck it who's liable for it?
If the title, registration, and insurance are still all in your name, you (or your insurance company) would be responsible.
Can the FDA be held liable for injuries from drug side effects?
The FDA can not be held liable for injuries from drug side effects. Those responsible for a liability are the manufactures that produce the products and even medical professionals.
What is another word for liable?
answerable accountable chargeable
What is a liable?
Something or someone responsible by law.
What a synonym for liable?
answerable, subject, responsible, obliged, liable, obligated
When can accountable officer be held pecuniarily liable?
If the offense cost money, the officer responsible is pecuniarily liable.
How do you use liable in a sentence?
liable (RESPONSIBLE):The law holds parents liable if a child does not attend school.If we lose the case we may be liable for (= have to pay) the costs of the whole trial.http://dictionary.cambridge.org/define.asp?key=45796&dict=CALDliable (LIKELY):The areas of town near the river are liable to flooding (= are often flooded).[+ to infinitive] He's liable to make a fuss if you wake him.http://dictionary.cambridge.org/define.asp?key=45800&dict=CALD
What is a synonym for the word liable?
accountable, responsible, answerable
What is a synonym and antonym for the word liable?
responsible and unaccountable
What are the main reasons why corporation is separated from its owners?
The separation provides protection to the shareholders in the event corporation's liquidation. The shareholders are not liable more than the worth of their investments in the corporation.
