{"data":{"id":"us-nv/nrs-78a.120","jurisdiction":"us-nv","citation":"NRS 78A.120","heading":"Limitation on liability of shareholders.","body":"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.","path":["TITLE 7 — BUSINESS ASSOCIATIONS; SECURITIES; COMMODITIES","CHAPTER 78A - CLOSE CORPORATIONS","POWERS AND DUTIES"],"source_url":"https://www.leg.state.nv.us/NRS/NRS-078A.html#NRS078ASec120","current_through":"2025 session (NRS as revised 2026-08-25)","vintage":"","retrieved_at":"2026-09-03T05:51:31Z","sha256":"b8677701a18b77a24cd5506dc3c7118ef85da11e5ab793248dc80b1989bf99ee","source_id":"us-nv","stale":true,"prev":"us-nv/nrs-78a.110","next":"us-nv/nrs-78a.130"},"notice":"GroundRules: Original legal text. Not legal advice."}