The issue of liability is complicated and the question of who is responsible when a loss is suffered can, at times, become quite personal. This CLE course will explain the circumstances under which stockholders, officers, directors, members and/or partners in a corporation may be held personally liable for debts owed by the business they own or operate. The course will discuss the types of ownership including that of by agreement, judicial decision and statute and will cover corporations, LLC’s and LLP’s. The course will include an overview of judicial doctrines regarding piercing the corporate veil, breaches of fiduciary duty in instances of insolvency, loyalty and fair dealing practices, and corporate opportunity doctrines. Personal liability as it is explained under the NY Business Corporation Law Sections 719 and 720, to the IRS and NY State for fiduciary or trust fund taxes, ERISA, the Lanham Act or the Fair Labor Standards Act or NY Business Corporation Law Section 630. The course will also undertake a review of personal liability in conjunction with the federal WARN Act.