Nellie Akalp, CEO of CorpNet, shares how to protect your personal assets at your small business in this Tweak Your Biz post!
Protecting Your Personal Assets: Your #1 Goal As A Business Owner
Posted by Nellie Akalp under LegalFrom http://tweakyourbiz.com 4056 days ago
Made Hot by: robinandy58 on October 1, 2013 12:18 pm
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3992 days ago
If corporate formalities are not observed, such as having regular board of director and shareholder meetings, the corporate veil can be pierced. This can result in personal liability to shareholders.
As another example, if a corporation pays creditors before payroll taxes, the Shareholders or officers can be found personally liable for such taxes under Section 6672 of the Internal Revenue Code.
Bottom Line: This article overstates the protection that a corporation provides and how that corporation operates is vital to providing personal liability protection.
4055 days ago
4056 days ago