The shareholders of a corporation are not personally liable for the debts of that corporation.

Name: The shareholders of a corporation are not personally liable for the debts of that corporation.
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This is one of the main advantages of setting up a corporation as a separate legal entity. Shareholders are not personally responsible for the debts or obligations of the corporation, except to the extent of their investment in the company. This is known as limited liability.

The Shareholders of a Corporation Are Not Personally Liable for the Debts