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Ely
Ely, Attorney
Category: Business Law
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Experience:  Counselor at Law.
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If I invest in a locally owned company for a 50% stake, would

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If I invest in a locally owned company for a 50% stake, would I be legally liable should anything illegal happen that I was not aware of?
Submitted: 7 years ago.
Category: Business Law
Expert:  Ely replied 7 years ago.
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NO, unless:(1)you use corporate money to pay private bills and comingle accounts, (2) you use the corporation as a shell but not really for profit making, and/or (3) you are the person actually responsible for the tort.Otherwise, no - just the company would be.

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