piercing the corporate veil

piercing the corporate veil
Judicial process whereby court will disregard usual immunity of corporate officers or entities from liability for wrongful corporate activities; e.g. when incorporation exists for sole purpose of perpetrating fraud. The doctrine which holds that the corporate structure with its attendant limited liability of stockholders may be disregarded and personal liability imposed on stockholders, officers and directors in the case of fraud or other wrongful acts done in name of corporation. The court, however, may look beyond the corporate form only for the defeat of fraud or wrong or the remedying of injustice. Hanson v. Bradley, 298 Mass. 371, 381, 10 N.E.2d 259, 264.

Black's law dictionary. . 1990.

Игры ⚽ Нужен реферат?

Look at other dictionaries:

  • 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 or directors. Usually a corporation is treated as a separate legal person, which is solely… …   Wikipedia

  • piercing the corporate veil — See: piercing the veil Category: Business, LLCs & Corporations → LLCs, Corporations, Partnerships, etc. Nolo’s Plain English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009 …   Law dictionary

  • Corporate veil in the United Kingdom — The corporate veil in the United Kingdom is a metaphorical reference used in UK company law for the concept that the rights and duties of a corporation are, as a general principle, the responsibility of that company alone. Just as a natural… …   Wikipedia

  • piercing the veil — A judicial doctrine that allows a plaintiff to hold otherwise immune corporate shareholders personally liable for the debts of or damages caused by a corporation under their control. The corporate veil can be pierced when shareholders have acted… …   Law dictionary

  • piercing of the corporate veil — дословно протыкание корпоративной вуали , принцип, при котором суд или арбитраж может возложить ответственность не только на лицо, непосредственно причинившее вред, но и на его аффилированное лицо или руководителя, не считаясь с принятыми в… …   Glossary of international commercial arbitration

  • Corporate law in the United States — is a collection of over 50 different systems of corporate law, or one law for each state. Two sources of law are, however particularly important: the Model Business Corporation Act (MBCA), drafted by the American Bar Association was influential… …   Wikipedia

  • Corporate law — (also company or corporations law) is the study of how shareholders, directors, employees, creditors, and other stakeholders such as consumers, the community and the environment interact with one another under the internal rules of the firm.… …   Wikipedia

  • corporate — cor·po·rate 1 / kȯr pə rət/ adj: of or relating to a business corporation corporate 2 n: a bond issued by a business corporation Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • Corporate group — For the sociological concept, see Corporate group (sociology). A corporate group (or a group of companies ) is a collection of parent and subsidiary corporations that function as a single economic entity through a common source of control. The… …   Wikipedia

  • Corporate governance — Not to be confused with corporate statism, a corporate approach to government rather than the government of a corporation Corporate governance is a number of processes, customs, policies, laws, and institutions which have impact on the way a… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”