The Main Types of Directors' Liability - Gascon et associés: Montreal Law Firm

Although in many cases, particularly in small businesses, directors and shareholders are the same people, their duties and responsibilities are distinct. Unless there is a unanimous shareholder agreement, shareholders' liability is limited to paying the price of the shares subscribed for in the company. However, directors have several duties, obligations, and responsibilities. First, directors are required to act with prudence, diligence, honest…