The Legal Implications Of CorporationsWhether or not to form a corporation has been key in the process of forming a business. The fact that a corporation is a separate legal entity and is reasonable for its debts and liabilities provides a means for being a preferred corporate entity. However, there are very specific corporate formalities that must be followed in order to be able to make use of this entity form.
The following questions have been addressed in this article:Are shareholders personally liable for the deeds of the corporation?
How is the corporate entity able to be maintained?
If a minute book is not kept, will there be an implication that the corporate entity will not be recognized?