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Vermont Statutes Title 11 Sec. 2-04

Terms Used In Vermont Statutes Title 11 Sec. 2-04

  • 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.

§ 2.04. Liability for preincorporation transactions

All persons purporting to act as or on behalf of a corporation, knowing there was no incorporation under this title, are jointly and severally liable for all liabilities created while so acting. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994.)

Vermont Statutes Title 11 Sec. 2-04

Terms Used In Vermont Statutes Title 11 Sec. 2-04

  • Corporation: means public benefit and mutual benefit corporation. See
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

§ 2.04. Liability for preincorporation transactions

All persons purporting to act as or on behalf of a corporation, knowing there was no incorporation under this title, are jointly and severally liable for all liabilities created while so acting. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)