Essays on Corporate Veil

Essays on Corporate Veil

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We've found 3 essays on Corporate Veil

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Separation of Legal Personality and Lifting the Corporate Veil

This report covers the separation of legal personality and the lifting of the corporate veil from the cases of Salomon v A Salomon co ltd (1897), Catherine lee v Leeโ€™s Air farming ltd (1960). Salomon v Salomon was the first principle case of its kind …

Corporate VeilPersonality
647 views
Words 91
Pages 1
Corporate Veil

Introduction The main concept in the assignment is about corporate personality. First of all, we need to clarify the meaning and characteristics of company. In short, company means a body of persons combined for a common object. A company exist there must be a group …

Corporate VeilJustice
41 views
Words 842
Pages 4
Piercing the Corporate Veil

A corporation called Techno-Corp issued 200,000 shares of stock. Mallory who is the President and Chairman of the Board bought 60,000 shares of Techno-Corp stock. Him and six other shareholders who owned 10,000 shares each made up the board of directors. The remaining 80,000 shares …

Corporate VeilCorporation
9 views
Words 348
Pages 2
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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.
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Protection

According to the Business Dictionary, the corporate veil is โ€œa legal concept that separates the personality of a corporation from the personalities of its shareholders, and protects them from being personally liable for the company's debts and other obligations. This protection is not ironclad or impenetrable.โ€


Basis

Overview. "Piercing the corporate veil" refers to a situation in which courts put aside limited liability and hold a corporation's shareholders or directors personally liable for the corporation's actions or debts. Veil piercing is most common in close corporations.

FAQ

What is the corporate veil?
A corporate veil is a legal term that refers to the separation of a company's business and financial affairs from the personal affairs of its owners and employees. The corporate veil can provide limited liability protection for a company's owners and employees, as well as help to ensure that a company's debts and obligations are not the personal responsibility of its owners and employees.
What does lift the veil mean?
There are a few different interpretations of what it means to lift the veil." In general, it means to remove the barrier that is obscuring our view of something. This could be a physical veil, like the one a bride wears, or it could be a more abstract concept, like the veil of ignorance that John Rawls talks about. Lifting the veil can also mean to reveal something that was previously hidden. This could be done intentionally, like when a magician lifts the veil on a trick, or it could be done accidentally, like when someone lifts the veil on a secret they weren't supposed to know. Ultimately, the phrase "lift the veil" is a metaphor that is used to describe the act of uncovering something."
What is the agency argument?
The agency argument is the claim that agents (individuals acting on behalf of others) are morally responsible for their actions. This argument has been made by many philosophers, including Immanuel Kant and John Stuart Mill. The basic idea is that agents are responsible for the consequences of their actions, even if they did not intend for those consequences to occur. This is because agents are assumed to have a certain degree of control over their actions and the ability to foresee the potential consequences of those actions.
What is corporate personality in company law?
Corporate personality is a legal concept that refers to the status of a company or corporation as a separate entity from its owners and shareholders. This separate entity status allows the company to own property, enter into contracts, and sue or be sued in its own name. The concept of corporate personality is important in company law because it allows companies to exist as separate legal entities from their owners and shareholders, which provides certain legal protections and advantages.

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