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Resignation from president and officer of corporation
- Thread Starter New6
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army judge
Super Moderator
Generally, no, but you need to read and UNDERSTAND what you've contracted to do.
Before you do anything, read the articles of incorporation and your contract.
Then, make your decision.
Betty3
Well-Known Member
Agree, there is no way for us to know for sure. You will need to read any contracts you might have signed, etc. You "might" even want to talk to a lawyer.
fredrikklaw
Moderator
NEW6...
The whole point of forming a corporation as opposed to forming a self-proprietorship company is EXACTLY SO to shield officers from creditors' claims and liability of being judgment debtor. So, no; whether you stay on or resign as president, you, as well as all other officers will not be personally liable for adverse claims and judgments against the corporation.
A judgment creditors' remedy and recovery after obtaining a judgment is limited to levying liens and/or executing the judgment in hand only against the corporation's assets and claimants cannot chase corporation's officers' personal assets, but this is not to say that the officers are completely immune from claims, which they are not. But the liability in this scenario is somewhat of a joke as an officer's liability for adverse claims is the same as that of a corporation's shareholder. No more, no less.
Do you see the hilarity of it? How often do you see shareholders of a corporation sued in court?
But when you do resign, make sure that you file the right forms and affidavits with your locale's appropriate office and do not forget your sahres.
fredrikklaw
The whole point of forming a corporation as opposed to forming a self-proprietorship company is EXACTLY SO to shield officers from creditors' claims and liability of being judgment debtor. So, no; whether you stay on or resign as president, you, as well as all other officers will not be personally liable for adverse claims and judgments against the corporation.
A judgment creditors' remedy and recovery after obtaining a judgment is limited to levying liens and/or executing the judgment in hand only against the corporation's assets and claimants cannot chase corporation's officers' personal assets, but this is not to say that the officers are completely immune from claims, which they are not. But the liability in this scenario is somewhat of a joke as an officer's liability for adverse claims is the same as that of a corporation's shareholder. No more, no less.
Do you see the hilarity of it? How often do you see shareholders of a corporation sued in court?
But when you do resign, make sure that you file the right forms and affidavits with your locale's appropriate office and do not forget your sahres.
fredrikklaw
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