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What is piercing the corporate veil?

What is Piercing the Corporate Veil?

 

 

What is piercing the corporate veil? | TNG Legal | Attorney Tonya N. Gibbs | http://tnglegal.com/ | (540) 632-1864 | general@tnglegal.com

Video Transcript

Piercing the corporate veil is when a court chooses to disregard the fact that an individual or individuals are separate and apart from a business entity, such as an LLC or corporation. In that, the court would make the individuals personally liable for the debts and liabilities of the company. A situation in which something like this may occur is if the individuals are not operating with the formalities of the business or corporate formalities, LLC formalities, or if they are using the business account as their personal checking account.

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