1. Suppose George and his wife Martha own a small corporation with less than 50 employees, of which George and Martha are the only shareholders. They each own 50% of the total shares of the corporation. The corporation is a restaurant supply business that has fallen on hard times when the economy went south as a result of the pandemic. The company has been unable to pay its bills and its debt. The company′s creditors have sued George and Martha, claiming they should be personally liable for the corporation′s debt. Under what circumstances could George and Martha be personally liable for those corporate debts?
