Concept of piercing the corporate veil

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Assignment:

Limited Liability

Please read Section 23.3 of the textbook (pages 813-818) Download Please read Section 23.3 of the textbook (pages 813-818).

Page 814 contains the following statement:

"In comparing partnerships and corporations, there is one additional factor that ordinarily tips the balance in favor of incorporating: the corporation is a legal entity in its own right, one that can provide a "veil" that protects its shareholders from personal liability."

What does it mean to say that shareholders of corporations have limited liability?
What does it mean to say that general partners have unlimited liability?
What is meant by the legal concept of "piercing the corporate veil"?
Please identify at least 2 factors that can lead to the "piercing of the corporate veil." See pp. 816-817 of the textbook.

Reference no: EM133843781

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