Many small companies adopt the corporate form in order to shield their owners/shareholders/officers/employees from personal liability. It’s a well known risk management strategy for some individuals to avoid personal liability in certain situations.  For example, if the company performs unsatisfactory work, the wronged party may lack redress except when “extraordinary circumstances” allow that party to […]

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In California, both the Secretary of State’s office and the Franchise Tax Board have the authority to suspend a California corporation under certain situations.

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In order to be protected by limited liability, a corporation must act like an independent legal entity and follow through with its corporate formalities of properly addressing corporate records, regular meetings and financial statements.

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