Piercing the Corporate Veil

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The corporate veil is a term often used to describe the separate entity that exists when businesses set up a corporation or a limited liability company (think of it as a new person that is added to the company). Often there have been cases where the creators of these entities use the “veil” created as means to significant personal gain, without any of the liability attached to themselves personally. By applying the proper procedures for piercing the corporate veil, the abusers of these entities are then held accountable for the actions of the entity itself.

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Published In: Business Organization Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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