These comments are made for educational purposes only and do not constitute legal advice. No attorney-client relationship exists between us.
Board members can be liable for the debts of the company IF all the corporate formalities are not observed. The members must exercise diligence in making sure the minutes of meetings are kept and filed with the secretary of state, that the actions of the company executives are proper and approved by the board when appropriate. Board members often have to remind the "owner" that the company assets are just that rather than personal assets. The position should not be taken lightly.
