47-1A-732.5. Agreement not grounds for imposition of personal liability on shareholder for acts or debts of corporation.
64 words·~1 min read·
/sd/title-47/chapter-47-1/47-1a-732-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The existence or performance of an agreement authorized by § 47-1A-732 is not a ground for imposing personal liability on any shareholder for the acts or debts of the corporation even if the agreement or its performance treats the corporation as if it were a partnership or results in failure to observe the corporate formalities otherwise applicable to the matters governed by the agreement.