The failure of a statutory close corporation to observe the usual corporate formalities or requirements relating to the exercise of its corporate powers or management of its business and affairs is not a ground for imposing personal liability on the shareholders for liabilities of the corporation.
S.C. Code Ann. § 33-18-250
Limited liability
Applied in 1 court decision — leading case Hunting v. Elders (2004)
Most recently applied in Hunting v. Elders (April 2004)
1988 Act No. 444, SECTION 2.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.