Protect Your Assets: Preserve the Limited Liability Veil
Many new businesses choose to structure their company as a Corporation or an LLC because of the benefit of limited personal liability for shareholders or members. The general rule is that these entities are separate and distinct from their shareholders, and individuals are not personally liable for the obligations of the entity. However, there are circumstances when individuals can be held liable on behalf of the entity through a theory called “piercing the corporate veil.” I