Fred Foldvary wrote: > U.S. and State laws limit this liability, but in a pure market, the > directors should be personally and fully liable for a > corporation's debts, > as would be the general partners of a partnership.
In a pure market, shouldn't the directors be personally liable, or not, for a corporations debts, based on whatever terms they reach with the lenders involved? The directors of *small* corporations certainly find themselves in that position today. Without a personal guarrantee, from a primary stakeholder, that serves to turn a limited liability into a full liability, lenders are not very willing to make loans. Cheers, Michael Giesbrecht Internet Engineering Lucasfilm Ltd.
