You have a potential liability if you are a corporate director. Even in a small corporation. What is more, you will not be able to easily buy insurance to cover that.
Worse, were you able to buy corporate director’s liability insurance, it would not cover accusations of fraud, the liability you will have to avoid the most.
Despite the steps you take to see that you never commit an act of fraud in any business you are in, large or small, you can still be liable. Any worthwhile plaintiff attorney will charge you with fraud, no matter how innocent you are. It’s a powerful weapon.
Also a business fact of life about risk you must take. You will be liable for any act other directors on the corporate board may be accused of, in relation to corporate activity. (Look up the subject of joint and several liability and its implications.)
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