Timeline for How a physical person can become liable for claims made against dissolved company?
Current License: CC BY-SA 3.0
9 events
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| Nov 28, 2016 at 23:49 | comment | added | ohwilleke | Normally anyone who participates personally in tortious acts, even if in furtherance of their company business, has liability for those acts that would often not be covered by homeowners insurance. Hence the focus on a professional practice where employee-owners generally personally participate in malpractice of any kind. This may be less of an issue if you simply bought and sold goods, for example. | |
| Nov 28, 2016 at 23:46 | comment | added | ohwilleke | In addition to true piercing the corporate veil, if any assets are distributed by the company to its owners when it is dissolved, the dollar amount of that transfer could constitute a fraudulent transfer. Under capitalization can also be grounds to pierce the corporate veil. And recall that insurance provides a legal defense as well as paying liability. Winnable claims can be lost if you fail to pay a lawyer to make your argument for you. | |
| Jan 23, 2016 at 23:30 | answer | added | gnasher729 | timeline score: 3 | |
| Jan 22, 2016 at 16:58 | comment | added | Nate Eldredge | @MichalStefanow: I guess this illustrates some of the risks of that, then. | |
| Jan 22, 2016 at 15:58 | comment | added | Silly mistakes in the past |
I opened the company online - from start to finish it took me 15 minutes. In 2009, Estonia set a world record for the fastest online company registration: 18 minutes and 3 seconds. - e-estonia.com/component/e-business-register - I'm pretty sure I was faster than that... My point - "your attorney would have explained" - no attorney.
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| Jan 22, 2016 at 15:54 | comment | added | Nate Eldredge | The protections of a limited liability company are not absolute. You may want to read about piercing the corporate veil. I would hope your attorney would have explained these issues when you set up the company. | |
| Jan 22, 2016 at 14:09 | comment | added | user662852 | Limited liability protects shareholders. Company officers can still have personal liability for violating fiduciary trust, fraud, self dealing, etc. | |
| Jan 22, 2016 at 11:31 | history | edited | Silly mistakes in the past | CC BY-SA 3.0 |
added 183 characters in body
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| Jan 22, 2016 at 11:20 | history | asked | Silly mistakes in the past | CC BY-SA 3.0 |