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seek legal action against Louis Helm personally should he fail to resolve your payment issues promptly Well, IANAL, but I don't think that is how it works.
by ivankirigin 17y ago
seek legal action against Louis Helm personally
should he fail to resolve your payment issues promptly
Well, IANAL, but I don't think that is how it works. The corporation is liable for funds it holds on your behalf. Boy would I be worried if I were Pratt.
- vaksel 17y agothey are incorporated, so he himself isn't liable, the corporation's assets may be seized, but he should be fine
- mishmash 17y agoWhat about officers of the corp, aren't they also responsible?
- justinhj 17y agoOnly if they act illegally or irresponsibly, right? Otherwise only assets of the corporation are at risk.
- billclerico 17y agoholding customer funds without complying with banking laws is a federal crime - making them liable personally
- justinhj 17y agoyou should tell paypal about that
- billclerico 17y agopaypal is a registered bank
- justinhj 17y agoNot in the US it isn't.
- vaksel 17y agoI think that only applies if you do something illegal. What will probably happen is that they'll get sued, and as part of the settlement the company will be forced to pay out $_ million. Since the company probably won't have that, they'll end up declaring bankruptcy. But then again I'm no lawyer
- adharmad 17y agoNot unless fraud is proven. Unfortunately, bad management is not punishable,
- billclerico 17y agoviolating banking & money transmission laws can be a felony, which could make the officers of the corporation liable if they were actually holding funds in a corporate account, and not just a front-end for paypal, they could be in a lot of trouble
- drusenko 17y agounless, of course, they didn't do everything by the book, in which case the corporation could be found null and void and both could be personally liable.
- olefoo 17y agoIf one of the officers of the corporation told paypal to lock the account that could be enough to pierce the veil of corporate liability if any of the parties owed money cannot retrieve their funds because of that. This just sounds like a bad deal all the way around. If the two partners are as erratic as they now appear to be. I can't imagine that they were particularly fastidious when money was flowing in.
- jacquesm 17y agoMakes you wonder how much they took in and how much of it is still left.