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Gotta wonder what the personal liability is for

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TennisStar   Monday, 01/25/21 12:12:31 PM
Re: TennisStar post# 2524
Post # of 2701 
Gotta wonder what the personal liability is for corporate officers and board members of a publically traded company who allow the company to fall into forfeited and or delinquent status? This seems a bit different then just delinquent status with SEC filing...I really don’t know but maybe someone hopes shareholders aren’t sophisticated enough to figure out what their rights are... Game, set, match

———————————————
Contract voidability

If your business is suspended
You cannot:
Legally do business

If your business cannot pay its taxes, we may make you personally responsible if you:
Took assets out of your business
Have unpaid loans to shareholders
Paid excessive salaries to officers

https://www.wolterskluwer.com/en/expert-insights/the-consequences-of-losing-good-standing-status
https://www.ftb.ca.gov/help/business/my-business-is-suspended.html

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