The Lifting, by which the corporate veil can be pierced, may also be used to impose personal liability upon corporate officers, directors, and stockholders.
The Corporate Veil could be a shield that protects the members from the action and debts of the corporate. In simple terms, if an organization violates any law or incurs any liability, then the members can't be held liable. Thus, shareholders enjoy protection from the acts of the corporate.
Piercing of the corporate veil generally occurs when someone, just like the creditor or someone who has been stricken by a business, takes legal action.
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