Shareholders are not personally liable for corporate acts

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The president and vice presidents choose the board of directors. Stockholders do not have the power to bind the corporation to contracts. The sale of shares from one stockholder to another does not impact operations. An exception is when it changes the makeup of directors. It has many of the same rights as an individual. Owners are personally liable for corporate debts. Stockholders are expected to hire and fire key executives. Shareholders are not personally liable for corporate acts.

Reference no: EM133672985

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