Courts in common law jurisdictions are frequently asked to pierce the corporate veil, essentially requesting them to disregard either the separate legal personality of corporations or the limited liability of shareholders for a variety of purposes, including the reallocation of liability or benefits as between shareholders and corporations.
However, separate legal personality and limited liability are distinct concepts that historically evolved differently and are now mandated for separately in Canadian legislation.
Separate legal personality and limited liability are arguably the two most fundamental characteristics of the business corporation.
Corporate veil piercing refers to the presumed common-law judicial discretion to disregard either or both of separate legal personality and limited liability (17) for various purposes, including making assets of a corporations shareholders available to the corporation's creditors or vice versa.
Unlike a BVI BC, a BVI LP does not have separate legal personality
and is a partnership formed by two or more persons with one or more general partners and one or more limited partners.
Piercing the corporate veil refers to those exceptional cases wherein limited liability is lifted and the separate legal personality
of corporations is disregarded such that the shareholder, which may be a parent corporation, is held responsible for a company's debts or actions.
Fifty years on, the European Atomic Energy Community (EAEC) retains its separate legal personality
The LLP has the benefit of being an entity with separate legal personality
whilst simultaneously being fiscally transparent.
Notwithstanding the requirements for a custodian, separation of client and fund assets and other client and investor protective measures in the new Investment Management Regulations, there remains risk associated with the current lack of separate legal personality
for local funds and corollary risk to fund assets.
s, ID 27911225,- Individual school and preschool facilities with separate legal personality
The EJ points out that the fact that a subsidiary has separate legal personality
is not sufficient to exclude the possibility of its conduct being imputed to the parent company, especially where the subsidiary does not independently decide its own conduct on the market, but carries out, in all material respects, the instructions given to it by the parent company.
2006, regarding the Flemish Region, all entities with separate legal personality
established by the Flemish Community or the Flemish Region, all the services of the Flemish Parliament (such as the ombudsman and the children~s rights commissioner) etc.