One of the main benefits afforded to a corporate structure is the limited liability protection for its owners. This means that the corporation and its shareholders are treated as separate legal entities and it is the corporation’s assets, and not the assets of its individual shareholders, that are available to pay for judgments and claims of creditors.
In certain limited circumstances such as fraud, disregard for corporate formalities, and inadequate capitalization, the limited liability shield can be “pierced” by the courts to hold the corporation’s shareholders personally liable for the corporation’s debts and other obligations. Such “piercing” of the corporate limited liability shield is a prevalent practice in most if not all states. Continue reading “Unlimited Liability for New York Business Owners”
The Copyright Office officially released an announcement Monday, October 31st, about new regulations affecting all online service providers who seek liability limitations under 17 U.S.C. § 512 (i.e., the DMCA). The regulations, which are effective as of December 1, 2016, require that all service providers (even those who have previously designated agents) file new forms prior to December 31, 2017 to (re)name their copyright designated agents, who are to receive takedown notices from copyright owners related to allegedly infringing content. This (re)designation process must be completed through the Copyright Office’s new online registration system. Paper forms will no longer be accepted. Moreover, companies must renew their agent designations every three years.