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CORPORATION AS A LEGAL ENTITY  

     A corporation is a legal entity created by state law for convenience in conducting business.1

     Generally, it is treated as separate and distinct from its officers, Directors, and shareholders. A person who is an officer, Director, or shareholder of a corporation is generally not held personally liable for obligations of the corporation.

     However, this notion of an entity separate from its officers, Directors and shareholders, may, in certain circumstances, be disregarded, and an officer, Director, or shareholder may be personally liable for the corporation's debts or obligations.2

   

1Bucyrus‑Erie Co. v. General Products, 643 F.2d 413 (6th Cir. (1981);

 

2State v. Standard Oil Co., 49 Ohio St. 137 (1982).

 

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