I have been offered some equity in a startup and I was wondering if I own X% equity (I own X% of the company) does that mean I'm also X% liable should the company be sued? Do I own/am responsible for X% of the debt?
I haven't seen any of the legal paperwork to go along with it so maybe it's all explained in there but I hoped to get the opinions of answers.onstartups's readers.
(In case in matters, it's a California INC. C-Corp I'm assuming. I'm also assuming that it was incorporated in CA too.)