Michigan Directors and Officers Indemnity Trust
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How to fill out Directors And Officers Indemnity Trust?
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FAQ
Typically, a corporate officer isn't held personally liable, as long as his or her actions fall within the scope of their position and the parameters of the law. An officer of a corporation may serve on the board of directors or fulfill a managerial role.
Companies can agree to indemnify their directors and officers for liability incurred by them in their capacity. A company's constitution usually sets out indemnification rights for directors and officers and provides for D&O Insurance.
Under MCL 205.27a (5), officers, managers, members and/or partners may be held personally liable for the debts of a corporation. As required by MCL 205.27a (5) the Department has determined that you were an officer who was responsible for the payment of taxes during the taxable period in question.
