I. Definition of Corporation Article 169 of the Commercial Code defines a corporation as a body created for purposes of commercial transactions for profits. Article 171(1) of the Commercial Code provides for the corporate entity. II. The Corporation as an "Artificial Entity" Article 171(1) endows a corporation with a separate legal entity different from its shareholders. The corporation is an artificial person or artificial entity independent of the incorporators, owners or investors. Article 331 of the Commercial Code provides for limited liability for shareholders. It is liable for its own debts and obligations and the individual shareholders or incorporators are not liable. III. Piercing the Corporate Veil 1. Definition Although the law permits incorporation for the very purpose of escaping personal liability, a corporation may not be formed to defeat existing creditors. The general rule is that the corporate entity will be disregarded when necessary to prevent fraud or to achieve equity, or to prevent illegality. However,......

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