The phrase piercing the corporate veil is used to describe the action of a court to hold corporate shareholders and LLC owners personally liable for the debts and liabilities of a corporation.
Moreover, what does it mean to pierce the corporate veil quizlet?
Piercing the Corporate Veil. A legal theory in every state that allows creditors of the corporation to move past the corporation, and its liability shields, and go directly to the personal assets of the officers, directors, and shareholders of the corporation.
