I recently heard about a friend who wasn't paying payroll taxes. In his case, he thought he was smart enough to do the accounting/payroll himself. He didn't pay payroll taxes for those who were on a work visa or something and ended up using the money to lease Ferrari's and ended up having to pay for all the back taxes and the amount was so large that he had to declare bankruptcy.
I am aware that if a company doesn't pay payroll taxes, then the company officers can be held liable. But I have more specific questions:
1) Are you liable if you are an owner of the company but not the managing officer like the CEO, or CFO?
2) What if you don't own the company but you are the CEO or CFO or a non-financial officer.
3) What other illegal things result in seizure of personal assets?