piercing the veil

piercing the veil definition - business

piercing the veil

Holding personally liable the owners, officers, and directors of a corporation or other limited liability company. For example, creditors may be able to pierce the corporate veil when a controlling shareholder uses the corporate structure as a deception to commit fraud.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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