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piercing the corporate veil |
Also found in: Wikipedia | 0.03 sec. |
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piercing the corporate veil v. proving that a corporation exists merely as a completely controlled front (alter ego) for an individual or management group, so that in a lawsuit the individual defendants can be held responsible (liable) for damages for actions of the corporation. If a corporation has issued stock and held regular meetings of shareholders and directors, it is unlikely a judge will "pierce" the veil and limit the liability to the corporation, unless there is proof that the corporation was created to accomplish a fraud on those dealing with it. (See: corporation) 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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