Masonry Magazine December 2004 Page. 36
I have handled numerous cases where a corporate entity failed to properly identify itself.
to all formalities called for in your corporate documents.
Identifying the Corporation
Perhaps the most common and ultimately most mind-boggling erosion of corporate protection lies in properly identifying corporate entities. I have handled numerous cases where a corporate entity failed to properly identify itself. If you are a corporation, the proper name and status must be disclosed on all advertisements, phone listings, business cards and stationary.
If your company enters into a contract, the contract should properly list the parties and their correct names. A failure to include the corporation's name can be the kiss of death to the corporate shield from personal liability.
Conclusion
Creating a corporation is the cheapest way to avoid personal liability available under the law. While corporations are not a complete panacea, they can be excellent tools to protect personal assets. You should understand what corporations protect you from, and what erodes those protections, to ensure your corporation offers you the best refuge possible.
Timothy R. Hughes, Esq., is the principal of the Northern Virginia law firm of Hughes & Associates, P.L.L.C. He specializes in construction litigation, corporate and business related representation, and complex civil litigation. He may be reached at tim@hughesnassociates.com, or by phone at (703) 671-8200.
This article is not intended to provide legal advice, but to raise issues on legal matters. You should consult with an attorney regarding your legal issues, as the advice you may receive will depend upon your facts and the laws of your jurisdiction.
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