Shareholders may hide behind the corporate veil, assured that their liability does not extend beyond the value of their shares.
Financial and business terms. 2012.
Corporate veil in the United Kingdom — The corporate veil in the United Kingdom is a metaphorical reference used in UK company law for the concept that the rights and duties of a corporation are, as a general principle, the responsibility of that company alone. Just as a natural… … Wikipedia
corporate veil — noun The principle of a corporation being a separate legal person from its members (ie. shareholders) … Wiktionary
Piercing the corporate veil — or lifting the corporate veil is a legal decision to treat the rights or duties of a corporation as the rights or liabilities of its shareholders or directors. Usually a corporation is treated as a separate legal person, which is solely… … Wikipedia
piercing the corporate veil — See: piercing the veil Category: Business, LLCs & Corporations → LLCs, Corporations, Partnerships, etc. Nolo’s Plain English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009 … Law dictionary
pierce the corporate veil — v. To impose personal liability for corporate activities on individuals associated with the corporation, doing away with the protection against personal liability that ordinarily accompanies corporate status, usually in cases in which directors… … Law dictionary
lifting the (corporate) veil — in company law, the court s refusal to apply the normal rule that a corporation is a different legal person from its members: Salomon v . Salomon [1897] AC 22. Instances where this has been done are: (1) where a group of companies is an economic… … Law dictionary
Corporate law in the United States — is a collection of over 50 different systems of corporate law, or one law for each state. Two sources of law are, however particularly important: the Model Business Corporation Act (MBCA), drafted by the American Bar Association was influential… … Wikipedia
Corporate law — (also company or corporations law) is the study of how shareholders, directors, employees, creditors, and other stakeholders such as consumers, the community and the environment interact with one another under the internal rules of the firm.… … Wikipedia
corporate — cor·po·rate 1 / kȯr pə rət/ adj: of or relating to a business corporation corporate 2 n: a bond issued by a business corporation Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
veil — I noun camouflage, cloak, cloud, concealment, cover, covering, curtain, guise, involucrum, integumentum, mantle, mask, pall, protection, screen, shade, shelter, shield, shroud, visor, vizard associated concepts: pierce the corporate veil II in … Law dictionary
