Section 47-1A-732.5 - Agreement not grounds for imposition of personal liability on shareholderfor acts or debts of corporation.
47-1A-732.5. Agreement not grounds for imposition of personal liability on shareholder for acts or debts of corporation. The existence or performance of an agreement authorized by § 47-1A-732 is not a ground for imposing personal liability on any shareholder for the acts or debts of the corporation even if the agreement or its performance treats the corporation as if it were a partnership or results in failure to observe the corporate formalities otherwise applicable to the matters governed by the agreement.
Source: SL 2005, ch 239, § 121.