Is There Personal Liability In A Corporation? Corporation. A corporation is an incorporated entity designed to limit the liability of its owners (called shareholders). Generally, shareholders are not personally liable for the debts of the corporation. Creditors can only collect on their debts by going after the assets of the corporation. What are the liabilities
What Are The Major Differences Between A Government Corporation And A Private Corporation? Government corporations are organized like private businesses. Each has a board of directors and executive officers who direct daily operations. Unlike a private business, however, money from Congress, not investors, supports a government corporation. You just studied 10 terms! What is the
What Is Another Name For A Closely Held Corporation? A closely held corporation, also referred to as a closed corporation, is a firm whose stock is held by a small number of people. What is a closely held corporation? In general, a closely held corporation is one with only a limited number of shareholders. By