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piercing the corporate veil |
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piercing the corporate veil A theory used to reach the assets of individual shareholders when there is a judgment against a corporation but the corporation has no assets to satisfy the judgment. In general, if the shareholders operated a business in complete disregard of the corporate form,meaning they never had shareholder meetings,never voted on anything,never used the corporate name on stationary or paperwork, commingled personal funds and corporate funds, and generally behaved as if the corporation did not exist, then a court will impose personal liability for corporate debts. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The situation was made worse in 2003 when the UK government announced it was piercing the corporate veil in order to ensure groups stood behind the pension promises of their companies. When you're out in a bass boat, people take off the corporate veil and begin to relate to each other on a whole different level," says Chaconas. Piercing the corporate veil is never easy, and Freeport is surely among the world's most guardedly isolated and obscure multinationals. |
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