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Personal Liability

Review the Bylaws

Brad Reid | Posted 06.04.2014 | Business
Brad Reid

It is best to anticipate and prepare for problems and disputes rather than react after the fact. Particularly in small businesses, the bylaws may not have been consulted or reviewed in many years.

Directors Must Remedy Known Regulatory Violations or Face Personal Liability

Brad Reid | Posted 10.27.2013 | Business
Brad Reid

The business judgment rule insulates corporate directors from personal liability for mistaken decisions made with adequate information and in good faith.

Directors Serving as Officers May Not Have Business Judgment Rule Protection

Brad Reid | Posted 09.10.2013 | Business
Brad Reid

Directors need to be informed concerning not only the law of the state in which they act but also the law of the state of incorporation.

Non-profit Directors Face Personal Liability

Brad Reid | Posted 12.31.2011 | Business
Brad Reid

A recent decision by the U.S. Court of Appeals for the Third Circuit, In re Lemington Home for the Aged, is a reminder to nonprofit corporation direc...