| Starting and Operating a Business Includes Corporations / Partnerships / LLCs, etc. |
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12-02-2008, 02:43 PM
| | Junior Member | | Join Date: Dec 2008
Posts: 1
| | | Non profit corporation
What is the name of your state (only U.S. law)? Texas
Hello,
I wanted to know if I start a non profit corporation and someone tried to sue, will my personal assets be at stake or just the organization itself? thank you! |
12-03-2008, 11:47 AM
| | Senior Member | | Join Date: Feb 2007
Posts: 5,487
| | | Same as for a for-profit company. You can be liable for your personal negligence. It's also possible to "pierce the corporate veil" if you fail to operate the corporation as if it were a corporate rather than personal entity.
Generally a corporation gives you protection against actions of the corporation. |
12-03-2008, 01:46 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,467
| | Quote:
Originally Posted by tp23  What is the name of your state (only U.S. law)? Texas
Hello,
I wanted to know if I start a non profit corporation and someone tried to sue, will my personal assets be at stake or just the organization itself? thank you! | **A: it depends upon the type of suit, D&O insurance coverage etc. | |
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