Nev. Rev. Stat. § 78A.120
Limitation on liability of shareholders
Nevada · Nevada Revised Statutes Chapter 78A — Close Corporations · Status: effective
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- Nev. Rev. Stat. § 78A.120, Limitation on liability of shareholders, Nevada, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2076784
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Personal liability may not be imposed upon shareholders of a close corporation solely as a result of the failure of the close corporation to observe the usual corporate formalities or requirements relating to the exercise of corporate powers or management of its business and affairs, where such failure results from the distinct nature and permissible functioning of a close corporation.