Generally directors and officers of a corporation are not personally liable for the obligations of a corporation, with certain exceptions. Directors and officers need to understand when they may be held personally liable for the actions or inactions of the corporation. The law is very clear regarding a directors and officers’ duty to understand their…

Yes it does. A corporation, whether non-profit or for profit, is a legal “person”.  Once a corporation has dissolved, it is no longer an active legal entity.  Dissolution for a corporation is similar to when an individual has died. An incorporated body may be dissolved intentionally or unintentionally. The unintentional dissolutions are usually due to…

It is fairly common knowledge that businesses are required to keep their accounting records for seven years. However, many people are not aware that they should be keeping certain records, like their general ledgers, forever in some cases. Take for instance, the family farm which has been operated for thirty years and is being passed…