Legal Question in Business Law in Montana
What is my personal risk as an officer of a corporation should the corporation fail? I have always been a sole proprietor and require detailed information regarding the risk to my personal finances and holdings as part of a corporation being formed. I am presently in Oregon but the corporation would be formed in Montana, the location of the principal incorporator.
1 Answer from Attorneys
As a Franchise Attorney I can say your risk as a corporate officer is minimal if the corporation fails. Make sure not to personally guaranty any obligation in an individual capacity, don't make any misrepresentations, etc. If you're also a stockholder or director, different and more complex issues are involved - such as piercing the corporate veil. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Foundations, a Professional Corporation
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