Legal Question in Business Law in Texas
Stockholder liability
Do stockholders of a private country club, which is also classed as a nonprofit organization, not a corporation, have liability for all debts incured by the club to include a note to a bank secured by the land and other assets. All stockholders are considered owners by common law. There is a board of directors[stockholders] that makes decisions on behalf of all the stockholders.
Asked on 8/14/02, 9:53 pm
1 Answer from Attorneys
John Pfister, Jr.
Pfister & Associates
Re: Stockholder liability
Stockholders. not likely. Directors..maybe..depending upon how they handle the club's affairs.
Answered on 8/15/02, 11:47 pm
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