9:32
[kevin oleary]
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Warning
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LSDefine
Simple English definitions for legal terms
corporate immunity
Read a random definition: W.D.
A quick definition of corporate immunity:
Corporate immunity is when a company or its employees are protected from being held responsible for any harm they may cause. This protection is given to them by the law and is meant to encourage businesses to operate without fear of being sued. It is similar to how some people, like government officials or diplomats, are also given immunity from certain legal actions. However, this immunity does not mean that companies can do whatever they want without consequences. It only applies in certain situations and is meant to balance the needs of businesses and the public.
A more thorough explanation:
Corporate immunity is a type of immunity that provides protection to a corporation or its officers from being held liable for certain actions. Immunity means exemption from a duty, liability, or service of process. For example, a corporate officer may be immune from personal liability for a tortious act committed while acting in good faith and within the course of corporate duties.
Example: A CEO of a company is not held personally responsible for a decision that results in financial loss to the company, as long as the decision was made in good faith and within the scope of their duties.
This type of immunity is granted to protect the corporation and its officers from being held liable for actions that are necessary for the corporation to function. It is important to note that this immunity does not protect corporations or their officers from criminal liability or intentional wrongdoing.