Louisiana business owners often form corporations and LLCs in Louisiana with the assumption that they cannot, as owners of these companies, be held personally liable for any debts or liabilities related to these companies or their operations. Although Louisiana law provides a general rule of non-liability for these business owners, there is no absolute protection
The Louisiana Business Corporation Act (“LBCA”) became effective on January 1, 2015. The changes to Louisiana corporation law embodied in the LBCA are extensive, especially in the areas of dissolution and termination of a corporation.
Simplified Termination
The LBCA allows corporations to terminate by simplified articles of termination if the corporation: (1) does not owe