| gen. |
lifting the corporate veil (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. Usually a corporation is treated as a separate legal person, which is solely responsible for the debts it incurs and the sole beneficiary of the credit it is owed. Common law countries usually uphold this principle of separate personhood, but in exceptional situations may "pierce" or "lift" the corporate veil. WK Alexander Demidov); piercing the corporate veil (Charging normally immune corporate officers, shareholders, and so on with personal liability for the corporation's wrongdoing. WL Alexander Demidov) |
