failure to pay sales tax. certain types of fraud. I'm sure there others. If you post specifics such as Can _____________ result in a loss of your personal assets, you'd get a better response.
If you'd like to discuss, please feel free to call. Jeff Gold Gold, Benes, LLP 1854 Bellmore Ave Bellmore, NY 11710 Telephone -516.512.6333 Email - Jgold@goldbenes.comAsk a similar question
I agree with Mr. Gold - your question is too broad.
There are too many ways in which a corporate office can have personal liability to list here.
Here in NJ, corporate officers who authorize the use of contracts or practices that violate the consumer fraud act can be held personally liable.
As a general rule, if you deal directly with consumers, you can be personally liable for any misrepresentation.
More obviously, if you sign personal guarantees, you can be personally responsible for company debts.
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If you are a responsible officer, director, shareholder or other individual who has influence and control over whether or not the tax is paid, you can often be held personally liable. This definitely applies in the case of payroll taxes and usually also applies to sales tax or any other tax the company is to collect and remit to the state or federal government.
So the fact that you're not an owner, bur are an officer may give rise to liability. And you can even be "just an employee" that handles the payroll and if you're the one causing the taxes not to be paid you can be personally liable.
Particularly with payroll taxes, the IRS casts a wide net and essentially presumes personal liability for anyone who was involved in any way with the payroll tax process.
Hope that helps.
Evan A. Nielsen is licensed to practice law in California and handles federal tax matters throughout the U.S. The information provided here is for educational purposes only and is not intended as legal advice for a particular matter. This response does not create any attorney-client relationship with the author. For specific advice about your particular situation, please consult an attorney.Ask a similar question