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Assume you own a company that manufactures widgets. Assume the company put out defective widgets into the stream of commerce that caused millions of dollars in damages and ultimately many lawsuits with verdicts against the company.

What is the liability of the shareholders, officers, and employees of the company in the above example? None. This is why corporations are used, i.e., to limit liability.

Types of Creditors. There are two main types of creditors: “Inside” and “Outside.”

Inside creditor. This is a creditor who has its exclusive remedy as one against the assets of the corporation.