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Jane T (LLC)
Jane T (LLC), Former straight A Student - Now Mom
Category: Homework
Satisfied Customers: 8435
Experience:  Degrees in Eng., econ; JD (law), MBA, former valedictorian & winner of academic scholarship
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What Entity is liable for a corporations debts?

Customer Question

What Entity is liable for a corporation's debts?
Submitted: 5 years ago.
Category: Homework
Expert:  Jane T (LLC) replied 5 years ago.

Jane T (LLC) :

Hi, a corporation that legally established is considered a legal person - this means that the debts of a corporation belong only to the corporation, not to its shareholders or employees. The entity that is liable for a corporation's debts is the corporation itself.


Thank you for that explanation!

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Expert:  Jane T (LLC) replied 5 years ago.

You are welcome.