Piercing the corporate veil Free Essay, Term Paper and Book Report
Piercing the corporate veil
Introduction: A company is a form of business which is a separate legal entity (legal person). this legal entity separate and distinct from its shareholders, directors and employees. (Salomon v Salomon & Co Ltd [1897] AC 22) This is one of the basic differences from company to other two form of business (sole proprietor ship and partnership). Registering a business as a company separates the company from the people who formed it (and from those who become its members): S 119. (Woodward, S.,Bird, H. and Sievers, S. 2003). which means there is a veil exists between company and members when a company formed or registered, which called corporate veil. The corporate veil acts as a shield to protect the members from personal liability particularly when the company is being wound up. And in this situation usually the outsiders or creditors wish to lift or pierce the corporate veil in order to get access to company asset. (Woodward, S.,Bird, H. and Sievers, S. 2003). Some times the shearholder of the company or company itself reque......
Word Count: 2761
Page Count: 11 (250 words a page / double spaced)
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