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What else can I help you with?
Characteristics of a corporation?
Limited LiabilityStockholders, who are owners of the corporation, are not liable for its debts or acts. The premise of separate legal entity means that the no one represents or acts on behalf of the company as it represents itself. In instances where a corporation is being wound up, the shareholders are only liable up to the unpaid amounts of their shares.
In a corporation who assumes all liability?
In a corporation, the entity itself assumes liability, meaning that the corporation is treated as a separate legal entity from its owners (shareholders). This limited liability protects shareholders from being personally responsible for the corporation's debts and obligations beyond their investment in shares. However, in certain circumstances, such as fraud or illegal activities, courts may "pierce the corporate veil" and hold shareholders personally liable.
What are the differences between a sole proprietorship and limited liability corporation?
In a limited liability corporation, the company is not personally liable for it, and the owners and shareholders will not get personally sued, only the company will. It has a high start up cost, and it has a long life. Sole proprietorship's have a low start up cost, generally have short life spans, and are personally liable,
You are an authorized user of a business card account are you liable as an authorized user?
No, authorized users are not responsible for an account. Only the actual account holder is responsible for all debt that is incurred.
Are tax services responsible if you are audited by the IRS?
The tax preparer, like H&R Block or Jackson Hewitt, does have a responsibility to you, which is why they sign your return. But they are responsible primarily for any mistakes in their preparation - they are not liable if you misrepresented your earnings.
If a corporation is sued for selling unsafe products and loses the suit and is held liable who is responsible for the debt?
the shareholders
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.
A shareholder is liable for the tax on their shares of the corporation's income Is this income subject to self employment tax?
No. And it is ONLY subject to capital gains tax...a much lower rate...as it is investment income.
Who is responsible for a corporation debts but how much of it?
In a corporation, the shareholders are generally not personally responsible for the corporation's debts; their liability is typically limited to the amount they invested in shares. This means that if the corporation faces financial difficulties or bankruptcy, shareholders can lose their investment but are not liable for the corporation's debts beyond that. However, directors and officers may face personal liability if they engage in wrongful acts, such as fraud or negligence, that affect the company’s financial obligations.
If a doctor works at a hospital he commits malpractice who is responsible?
I am assuming by "responsible" you mean "liable." Under my assuption, in most states the answer is probably both, so long as the doctor was acting within the scope of his employment when he committed the malpractice. The doctor would be directly liable, and the hospital through a theory of respondeat superior.
When can you impose criminal liability on a corporation for the acts of its employees?
When the employees were acting as agents of the company with the permission of the company and the company knew fully well and was aware that the employees committed crimes with the representation allowed by the company.
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
Who is responsible when a Lawn service employee hits a car with a lawn mower?
The employee, employer, and their respective insurance companies may all be liable for damage caused within the scope of lawn service employment.
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.
When can accountable officer be held pecuniarily liable?
If the offense cost money, the officer responsible is pecuniarily liable.
