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Learn the basics about what a corporation is, how it is used, and what it is not. Corporations are used by many asset protection planners to give the owners a higher degree of control and flexability. Attorney Rod Buttars does a good job laying out the basics.
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Are You Personally Liable for the Acts of Your Corporation?
Do you own a business as a corporation or an LLC, and think you’re insulated from personal liability? Think again. There are numerous ways that a shareholder of a corporation or a member in an LLC can be held personally liable for the acts of the entity. One, in particular, is the alter ego doctrine. Ordinarily, a corporation is regarded as a legal entity separate and distinct from its stockholders, officers and directors. Under the alter ego doctrine, however, if a corporation is used to perpetuate a fraud or accomplish some other wrongful purpose, a court may disregard the corporate entity and hold the individual who controls the corporation liable for the corporation’s acts. This is known as “piercing the corporate veil.”
More and more frequently, lawyers are asserting the alter ego doctrine in shareholder and other corporate-related litigation. Understanding the possible exposure will help you protect yourself.
While a court will look at all of the circumstances regarding corporate ownership and control when deciding whether to pierce the corporate veil, there are some important steps you can take to prevent a court from holding you responsible for the acts of your corporation or LLC. Among them are:
Keep the corporation adequately capitalized, e.g., be certain the corporation has funds sufficient to cover its obligations;
Keep the corporation’s funds and assets separate from and not commingled with your own;
Maintain corporate formalities, e.g., have corporate meetings, maintain minutes, pay business taxes or fees as appropriate;
Keep the corporation’s records separate from your own;
Do not use the corporation as a conduit for personal business;
Do not hold yourself out as personally liable for the corporation’s debts; and
If you own or control multiple corporations, utilize different boards of directors, different officers, different employees and different office space.
Unfortunately, there is no absolute protection from an alter ego claim. Following these steps, however, will greatly reduce the likelihood that you will be held liable for the acts of your corporation or LLC.
If you’d like more information or if you have questions about this article, please don’t hesitate to contact me at heller@rhellerlaw.com or by phone at 1-310-286-1515.
Mr. Heller has been admitted to practice law both in California and New York. Robert M. Heller, a Professional Law Corporation, focuses on business litigation, with an emphasis on shareholder disputes. Mr. Heller is regarded as a seasoned advocate, well known for his ability to devise creative solutions to complex legal problems.
Mr. Heller has been practicing law since 1973, the majority of those years spent in Los Angeles. He began his career with a prominent New York law firm. There, he developed a broad base in real estate law representing, among others, large real estate developers. He also handled corporate and litigation matters. He spent seven years practicing law in New York City before moving to Los Angeles in 1979.
Born in Brooklyn, New York, Mr. Heller received both his B.A. and his Juris Doctor degrees from Boston University. He was admitted to the bar in New York in 1973 and in California in 1978.
Mr. Heller is AV rated by Martindale Hubbell, the peer review designation conferred on attorneys who have achieved the highest rating for professional excellence and ethical standards.
Mr. Heller was selected a Super Lawyer in 2006.
When you take the time to plan out a thorough new employee corporate training course, you are setting up the new team member, the department, and the company for success. There are many benefits to new employee corporate training, including:
1. Corporate training gives the new recruit confidence. A new employee, especially someone who has never held a professional job before, will likely be nervous about starting their new job. Corporate Training courses give all employees the same opportunity to have equal knowledge of skills and processes. Corporate Training courses will give the new employee a boost in confidence as they join their new team
2. Corporate training will increase job satisfaction. No doubt, the new employee will feel much more satisfied with his job when he knows what is expected of him. Without corporate training, it is difficult for a new employee to know the full scope and expectations of the job.
3. Corporate training will increase motivation.
New employees that know what their jobs entail and know what the goals of the department and organization are will be more motivated to achieve those goals. Although corporate training should be about training, many corporate training courses for new employees do include sessions explaining and clarifying goals targets and outlines of any performance management systems the organization use
4. Corporate training courses will increase efficiency and productivity. New employee corporate training gives a new employee a jump start to the knowledge he needs to know to execute his job duties. With everyone tending to processes in the same manner, efficiency of the team will increase and so will the productivity. There will be less of a learning curve on job, when corporate training is implemented beforehand.
5. Corporate training will reduce employee turnover. With new employee corporate training, employees are happier; more motivated, and know what is expected of them. When a new employee does not get the opportunity for corporate training, he will more likely leave the company in frustration.
6. Corporate training will increase the company image. Companies that implement a new employee corporate training program will be recognized as a desirable place of employment this is a huge selling point for job seekers!
7. Corporate training will attract more candidates. When a company has a positive image by having an excellent corporate training programme they tend to attract more job candidates, giving you a greater pool of people to interview.
Would you like to save money with corporate training? Frank O?Toole from Premier Training is helping people to achieve with their corporate training course. Corporate training from Premier Training, let?s achieve.