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To: Roscoe
No Roscoe, put that Associates Degree back in the Cracker Jack box. You can barely get a search warrant right. Limited liability applies to the investor/owners of an LLC or similar entity. The opposite of an LLC is an unlimited liability construct like a Lloyds insurance names pool where the investors put everything they own at risk.

Employees of a corporation enjoy varying degrees of protection from liability. Officers and board members, independent of their level of share holdings, are less protected than ordinary employees, and often have insurance to cover their potential liability. But investors are not liable for debt incurred by the corporation beyond what they pay in. This is in effect a freely entered into bargain between the corporation's creditors and the investors, which, it bears repeating due to Roscoe's confusion, has nothing to do with the liability of officers, board members, and ordinary employees, consultants, etc.

515 posted on 02/07/2002 1:02:43 PM PST by eno_
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To: eno_
Corporate officers enjoy limited liability for corporate debts. If you paid money for your dancing lessons, demand a refund.
524 posted on 02/07/2002 1:34:00 PM PST by Roscoe
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