Introduction
The business structures recognized in Washington State are Sole Proprietorships, General and, Limited Partnerships, Limited Liability Partnerships, and Limited Companies, and For-Profit, and Not-For-Profit Corporations. Each structure has different registration, operational and management, and liability as well as taxation obligations and requirements. This paper will focus on Washington State Corporations and the liabilities of directors and officers who manage these corporations. There are five major groups of constituents to whom directors and officers of Washington State Corporations owe duties and responsibilities, and are subject to liability. They are the corporation itself, shareholders, creditors, corporate employees, and governmental regulators/law enforcement agencies.
