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Limited liability protects shareholders, directors, officers and employees against personal liability for actions taken in the name of the corporation and corporate debts. Ordinarily, an officer of the corporation, whether also a shareholder, director or employee, cannot be held personally liable.

Personal Liability of Officers and Directors Breach their duty of care to the corporation. Breach their duty of loyalty to the corporation. Misappropriate a corporate asset for personal use or use by another business. Commingle personal and business assets.

Typically, a corporate officer isn't held personally liable, as long as his or her actions fall within the scope of their position and the parameters of the law. An officer of a corporation may serve on the board of directors or fulfill a managerial role.

Generally, officers have the same fiduciary duties as directors.

The RCOD holds corporate officers in responsible positions of authority personally liable, without piercing the corporate veil, for corporate violations of public welfare statutes that impose strict liability.

A corporation is an incorporated entity designed to limit the liability of its owners (called shareholders). Generally, shareholders are not personally liable for the debts of the corporation. Creditors can only collect on their debts by going after the assets of the corporation.

Directors and officers have two main fiduciary duties: the duty of loyalty and the duty of care. The duty of loyalty is a responsibility to act in the best interest of the corporation, even when that action may conflict with a personal interest.

It is now well settled that corporate directors, officers, and employees can be held criminally liable for any criminal acts that they personally commit regardless of whether they were acting in furtherance of the corporation's interests.

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Queens New York Checklist for Potential Director and Officer Liability Issues

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Are directors and officers personally liable?

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