Legal Question in Business Law in Pennsylvania
Stockholder liability
I was given stock in corp that has 3 other stockholders, if it goes bankrupt, what legal recourse do they have against me as a stock holder. I hold 2%. Can I be held liable for any debts incurred by the business?
Asked on 4/18/05, 7:26 am
1 Answer from Attorneys
Mark Johns
Mark Johns, Esquire
Re: Stockholder liability
The general rule is the shareholders in Corporations are not liable for the debts of a corporation.
Answered on 4/18/05, 8:00 am
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