78A.120 - Limitation on liability of shareholders. - Nevada Statutes

78A.120  Limitation on liability of shareholders.  Personal liability may not be imposed upon shareholders of a close corporation solely as a result of the failure of the close corporation to observe the usual corporate formalities or requirements relating to the exercise of corporate powers or management of its business and affairs, where such failure results from the distinct nature and permissible functioning of a close corporation.

      (Added to NRS by 1989, 945)