Corporate Duties and Responsibilities of Officers and Directors
Corporate officers and directors owe fiduciary duties to the shareholders of the corporation. Similarly members in an LLC and managers of an LLC owe duties and responsibilities to other members. Failure to adhere to these responsibilities can result in litigation and financial liability by officers and directors. Because such duties and responsibilities are not clearly stated, it is easy for a business person to violate such duties and responsibilities resulting in financial liability.
Russell B Kahn practices in Corporate Duties and Responsibilities of Officers and Directors.