Fundable comes to an ugly end • Hacker News Board

Re: Fundable comes to an ugly end

#31

Post by mishmash » Fri, Oct 02, 2009, 4:33 AM UTC

vaksel wrote: post #28

ivankirigin wrote: post #18

seek legal action against Louis Helm personally should he fail to resolve your payment issues promptly Well, IANAL, but I don't think that is how it works. The corporation is liable for funds it holds on your behalf. Boy would I be worried if I were Pratt.

they are incorporated, so he himself isn't liable, the corporation's assets may be seized, but he should be fine

What about officers of the corp, aren't they also responsible?

Re: Fundable comes to an ugly end

#32

Post by justinhj » Fri, Oct 02, 2009, 4:41 AM UTC

mishmash wrote: post #31

vaksel wrote: post #28

Earlier quoted context omitted.

they are incorporated, so he himself isn't liable, the corporation's assets may be seized, but he should be fine

What about officers of the corp, aren't they also responsible?

Only if they act illegally or irresponsibly, right? Otherwise only assets of the corporation are at risk.

Re: Fundable comes to an ugly end

#33

Post by vaksel » Fri, Oct 02, 2009, 4:42 AM UTC

mishmash wrote: post #31

vaksel wrote: post #28

Earlier quoted context omitted.

they are incorporated, so he himself isn't liable, the corporation's assets may be seized, but he should be fine

What about officers of the corp, aren't they also responsible?

I think that only applies if you do something illegal. What will probably happen is that they'll get sued, and as part of the settlement the company will be forced to pay out $_ million. Since the company probably won't have that, they'll end up declaring bankruptcy.

But then again I'm no lawyer

Re: Fundable comes to an ugly end

#34

Post by adharmad » Fri, Oct 02, 2009, 4:43 AM UTC

mishmash wrote: post #31

vaksel wrote: post #28

Earlier quoted context omitted.

they are incorporated, so he himself isn't liable, the corporation's assets may be seized, but he should be fine

What about officers of the corp, aren't they also responsible?

Not unless fraud is proven. Unfortunately, bad management is not punishable,

Re: Fundable comes to an ugly end

#35

Post by falsestprophet » Fri, Oct 02, 2009, 5:02 AM UTC

This is what happens when you give someone 50% of a company for simply having an idea.

Re: Fundable comes to an ugly end

#36

Post by billclerico » Fri, Oct 02, 2009, 5:20 AM UTC

vaksel wrote: post #28

ivankirigin wrote: post #18

seek legal action against Louis Helm personally should he fail to resolve your payment issues promptly Well, IANAL, but I don't think that is how it works. The corporation is liable for funds it holds on your behalf. Boy would I be worried if I were Pratt.

they are incorporated, so he himself isn't liable, the corporation's assets may be seized, but he should be fine

violating banking & money transmission laws can be a felony, which could make the officers of the corporation liable

if they were actually holding funds in a corporate account, and not just a front-end for paypal, they could be in a lot of trouble

Re: Fundable comes to an ugly end

#37

Post by billclerico » Fri, Oct 02, 2009, 5:22 AM UTC

justinhj wrote: post #32

mishmash wrote: post #31

Earlier quoted context omitted.

What about officers of the corp, aren't they also responsible?

Only if they act illegally or irresponsibly, right? Otherwise only assets of the corporation are at risk.

holding customer funds without complying with banking laws is a federal crime - making them liable personally

Re: Fundable comes to an ugly end

#38

Post by stakent » Fri, Oct 02, 2009, 5:53 AM UTC

Very enlightening.

Better to learn on others mistakes.

Re: Fundable comes to an ugly end

#39

Post by fhars » Fri, Oct 02, 2009, 5:56 AM UTC

falsestprophet wrote: post #35

This is what happens when you give someone 50% of a company for simply having an idea .

From the perspective of the writer it reads more like "this is what happens when you give someone 50% of a company for simply writing the code." At least one side seems to have gotten something wrong...

Re: Fundable comes to an ugly end

#40

Post by drusenko » Fri, Oct 02, 2009, 6:02 AM UTC

vaksel wrote: post #28

ivankirigin wrote: post #18

seek legal action against Louis Helm personally should he fail to resolve your payment issues promptly Well, IANAL, but I don't think that is how it works. The corporation is liable for funds it holds on your behalf. Boy would I be worried if I were Pratt.

they are incorporated, so he himself isn't liable, the corporation's assets may be seized, but he should be fine

unless, of course, they didn't do everything by the book, in which case the corporation could be found null and void and both could be personally liable.