Am I liable as a 5% shareholder?

[TreyAllDay]

Hello All,

I'm curious - what are the liabilities of being a shareholder in an organization? There seems to be conflicting advice online. A friend of mine who I was helping to get a business started randomly said one day, "You're going to be a 5% shareholder!". I didn't address it at the time or even make comments, brushed it off, as I didn't know when he was going to incorporate immediately, however I received a text this morning saying - "I've incorporated, you're a 5% shareholder!".

So I'm curious - is there any chance whatsoever of liabilities for being listed as a 5% shareholder on incorporation documents?

 

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[Merging Left]

Nz gostv vjuahjv ot vjev pu, zua esi puv moecmi. Qiuqmi xju uxp tvudl op dunqepoit esi puv moecmi gus vji edvowovoit ug vji dunqepoit, sohjv?

Gasvjis, zua'si puv ep uggodis op vji dunqepz epf jewi ectumavimz pu dupvsum uwis vji fidotoupt ug vji dunqepz, dussidv?

Tvomm, veml vu e mexzis.

 

[AF77]

Nz gostv vjuahjv ot vjev pu, zua esi puv moecmi. Qiuqmi xju uxp tvudl op dunqepoit esi puv moecmi gus vji edvowovoit ug vji dunqepoit, sohjv?

Gasvjis, zua'si puv ep uggodis op vji dunqepz epf jewi ectumavimz pu dupvsum uwis vji fidotoupt ug vji dunqepz, dussidv?

Tvomm, veml vu e mexzis.

Puv ep uggodis ot vji liz vjisi.

 

[Rabby]

Og zua'si ep inqmuzii us cuesf nincis vji dunqepz't hipisem moecomovz optasepdi xomm duwis zua katv moli ov duwist vji dunqepz - gus iyenqmi og tuniupi tmoqt epf gemmt, us og zuas qsufadv jesnt tuniupi. Tu vjev't katv e nevvis ug jewoph eqqsuqsoevi monovt.

Og zua'si e fosidvus us uggodis, zua dep duwis zuas sotl gus taovt sihesfoph vji huwispepdi ug vji ushepobevoup atoph Fosidvust epf Uggodis't moecomovz optasepdi. Molixoti, og zua esi edvoph op e qsugittoupem deqedovz (gopepdoem tiswodit, iphopiisoph, ivd), zua dep hiv duwisehi apfis Issust epf Unottoupt optasepdi.

Xjivjis zua dep siemotvodemmz ci jimf moecmi fiqipft up zuas qutovoup xovj vji dunqepz. Og vjisi't epz djepdi ug cioph penif op e mextaov epf piifoph figipti, zua dep emxezt neli tasi zua jewi vji eqqsuqsoevi vzqit ug moecomovz optasepdi op qmedi. Vjev xomm vseptgis zuas sotl vu ep optasepdi dunqepz vjev dep eggusf ov.