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Sort of. Shareholders can also sue you if it's obvious you're the one who really screwed up, especially if you are taking massive salaries. So there is quite a
by zpeti 3y ago
Sort of. Shareholders can also sue you if it's obvious you're the one who really screwed up, especially if you are taking massive salaries.
So there is quite a large risk in your "business does poorly" version.
- tyg13 3y agoIsn't that only for publicly-traded companies? Vice Media is a private LLC.
- StopHammoTime 3y agoNope you still have a fiduciary responsibility to operate the business to the best of your ability while keeping it viable. This guarantee is made to the shareholders. Difference is that most private companies are also owned by the people who run out of business so they can’t sue themselves.