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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.
Aaron Michaelson (Aaron) formed Michaelson Properties, Inc. (Properties) in 1981 as a business to invest in real estate joint ventures. Aaron was the sole shareholder and the corporation's president. Properties entered a joint venture with Perpetual Real Estates (Perpetual), forming a partnership called "Arlington Apartment Associates" (AAA) to ...
De facto corporation and corporation by estoppel are both terms that are used by courts in most common law jurisdictions to describe circumstances in which a business organization that has failed to become a de jure corporation (a corporation by law) will nonetheless be treated as a corporation, thereby shielding shareholders from liability.
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 ...
For example, because the provisions on "piercing the corporate veil" are corporate governance matters, if a corporation is chartered in California, for example, (which has much more creditor friendly provisions permitting this) is sued anywhere, California law applies, but a corporation chartered in Nevada, which operates only in California, is ...
On Aug. 17, the rules governing real estate agent commissions are changing. Some experts say the shift should eventually reduce costs for consumers. Real estate agent commission rules change Saturday.
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 ...
Real estate agent Mark Hawkins of Long Beach, Calif., says that many home sellers, especially those with expensive homes, don't understand why an agent should be paid more for selling a $1 million ...