From a legal perspective, proprietors, partners, and shareholders are personally liable for a corporation's debts.

Question

Quizplus · Accepted Answer

Proprietors, partners, and shareholders are not personally liable for a corporation's debts. The corporation is a separate legal entity and is responsible for its own debts and liabilities. However, there are certain circumstances where owners may be held personally liable, such as if they engage in fraudulent or illegal behavior or sign a personal guarantee for a corporate loan.

From a Legal Perspective, Proprietors, Partners, and Shareholders Are Personally