Abstract
The liability of a corporation, like that of any entity, is never limited in any way. Corporations have unlimited liability for all of their legal obligations, and can be required to satisfy these obligations to the extent coverable by their assets.
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- 1.
N.B.: other states may have held these limited partners liable because they exercised control over the corporation.
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Today, with the Exchange Act and the SEC Rules in place, courts would likely come to a different conclusion.
- 3.
Section 16(b) is intended to allow the issuer of a security to recover a profit on the security when it was achieved by an officer or director unfairly using information obtained by virtue of his relationship to the issuer.
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© 2013 Springer-Verlag Berlin Heidelberg
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Balouziyeh, J.M.B. (2013). Obligations of Directors and Officers. In: A Legal Guide to United States Business Organizations. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-37907-9_7
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DOI: https://doi.org/10.1007/978-3-642-37907-9_7
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Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-642-37906-2
Online ISBN: 978-3-642-37907-9
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