Personal Liability of Corporate Shareholders in New York

Maffei, Steven
June 2011
Review of Business;Summer2011, Vol. 31 Issue 2, p110
Academic Journal
Executive Summary. Individuals are often counseled to conduct their businesses through a corporate entity, since the shareholders' personal assets are protected against liens and judgments levied against the corporation. However, there are circumstances when a shareholder's actions or failures will allow a claimant to "pierce the corporate veil" and use a shareholder's personal assets to satisfy an unpaid corporate claim. This article discusses circumstances which cause shareholders in New York to lose corporate protection, and what steps must be taken to prevent this from happening.


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