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As long as the parent permits the subsidiary to act independently under the direction of its board, there is little risk to the parent of being found liable for the negligence or wrong-doing of the subsidiary.After all, the parent in a parent/subsidiary relationship is merely a stockholder, and the law is clear that a stockholder is not liable for the actions, debts, or obligations of the corporation.Upon reaching a decision to organize or acquire a subsidiary corporation, the business enterprise parent controls its subsidiary by being its sole stockholder.By holding, i.e., owning all of the subsidiary’s voting stock, the parent has the power to elect and remove the entire board of directors.The parent corporation, by virtue of its voting control of the subsidiary, has the power to hold the subsidiary accountable for its performance.Since the parent retains voting control, it has the authority to select the subsidiary’s directors.
It may have taken 500 attempts to clear some of these stages but we’ve completed them all and are excited to share our top picks! This one goes to “The Keeper of The Forest” stage by Anton G. Our fingers became basically defunct once we finally cleared it. Before closing, we also have some runner-ups in each category that we think deserve honorable mention: First runner-up was Len’s stage named “YJF Printer: Yeah, Jam, and Fury”, a strong candidate for the Yeah League.
To maintain control of a subsidiary and at the same time allow the subsidiary to operate as an independent entity under the direction of its board of directors, a parent business enterprise should: (1) be the sole shareholder; (2) include voting control provisions in the subsidiary’s articles of incorporation along with provisions that prohibit amendment of the articles without the approval of the sole shareholder; (3) prepare comprehensive bylaws defining the designation and authority of officers, their term of office, their removal (for cause, or for any or no reason); (4) include in the bylaws the procedure whereby the parent elects and removes directors; and (5) prohibit bylaw amendments without the sole shareholder’s approval, etc.
The board of directors of the subsidiary are responsible to manage the business and affairs of the subsidiary.
It must be noted, however, that a litigant pursuing an alter ego theory of liability has an uphill fight.
Courts are not likely to permit a litigant to “pierce the corporate veil” of a corporation and reach the assets of its parent shareholder, unless it is abundantly clear that the two corporations were indistinguishable as separate corporate entities and are operating as one corporation.