Corporate Secretary's Book of Agreements, Correspondence, Forms, and Resolutions Book

The modern corporation is a powerful entity that is tailored to the needs of modern business. By incorporating (becoming a corporation), a business gains the advantage of 'limited liability'; except in unusual circumstances, only the corporation is liable for the corporations's debts and obligations. The shareholders cannot be held personally responsible for corporate obligations. Although the stockholders risk the loss of value of their shares, they do not risk indefinite liability the way sole proprietors and partners do.