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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. Usually a corporation is treated as a separate legal person , which is solely responsible for the debts it incurs and the sole beneficiary of the credit it is owed.
Aronson v. Price 644, N.E.2d 864 (Ind. 1964) a plaintiff brought his car for repair to "Corbett's Body Shop" which did not indicate its corporate status. Interocean Shipping Co. v. National Shipping & Trading Corp., 523 F.2d 527 (2d Cir. 1975), conduct akin to fraud required to pierce the veil in contract cases
First, at the very least, as is recognized in public international law, [51] courts will "pierce the corporate veil" if a corporation is being used to evade obligations in a dishonest manner. Defective organization, such as a failure to duly file the articles of incorporation with a state official, is another universally acknowledged ground. [ 52 ]
This is referred to as piercing the corporate veil, and is subject to the rules of the home state where the corporation is a domestic corporation. In the case of corporations domesticated in Nevada, for example, as of 2007 [update] , over the last twenty years, only twice has the corporate veil been pierced, and in both cases the corporation's ...
Nevada law provides extremely strong protection against piercing the corporate veil, where a corporation's owners can be held responsible for the actions of a corporation. For instance, from 1987 to 2007, there was only one case that successfully pierced the corporate veil of a Nevada corporation, and in this case the veil was pierced due to ...
Under a new Golden State law, any corporation active in California with over $1 billion in global sales will have to disclose its indirect CO2 emissions as of 2027. The rule applies to some 5,000 ...
There must have been a good faith attempt to comply with the statute by the intended incorporators (for example, if the articles of incorporation were mailed to the appropriate office, but addressed to the wrong person, lost in the mail, or not filed by the corporation by the time the corporation began acting in an official capacity);
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