What Is the “Corporate Veil”?
When a company is formed as a Limited Liability Company (LLC) or corporation, it is regarded as its own legal entity. Therefore, the business—rather than its owners—is held accountable for its debts and legal responsibilities.
“Corporate veil” (also called a “corporate shield”) is a business term that refers to the legal distinction between an LLC or corporation and its owner(s). It is the legal separation established by keeping a company’s activities, assets. and liabilities independent from those of the business owner(s).
Is it Necessary?
The corporate veil, when kept intact, helps […]