Liability of New York Shareholders for Wages due to Employees

If you thought you were immune to liability as a shareholder of a New York corporation, know this:  In New York, the ten largest shareholders, as determined by their shareholding, of every  closely held corporation are personally liable for all  salaries due to any of its employees for services performed by them for the corporation.  See Sec 630 NY Business Corporation Law.   

If you need help with the topic of Liability of New York Shareholders for wages due to employees, call a licensed small business attorney in your area.

About Imke Ratschko


Imke Ratschko is a New York Attorney helping small businesses, business owners and entrepreneurs with all things "Small Business Law," such as litigation, contracts, business owner disputes, shareholder and operating agreements, sale or purchase of a business, investors, and starting a business. You can reach her at 212.253.1027.

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