Utah Code 16-6a-204. Liability for preincorporation transactions
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Terms Used In Utah Code 16-6a-204
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
All persons purporting to act as or on behalf of a nonprofit corporation, knowing there is no incorporation under this chapter, are jointly and severally liable for all liabilities created while so acting.
Enacted by Chapter 300, 2000 General Session