What is meant by the term piercing the corporate veil

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Reference no: EM132159208

1. Laurie is incorporating her business. Laurie’s home state is Wisconsin. Business will be conducted in California, Michigan, Pennsylvania, and Virginia. Laurie:

a. must incorporate in Delaware.

b. can incorporate the business in any state, including one in which she is not doing business.

c. must incorporate the business in Wisconsin, California, Michigan, Pennsylvania and Virginia.

d. must incorporate the business in Wisconsin, her home state.

2. A partnership is a taxable entity, separate from the partners.

True

False

3. TriColor, Inc. is doing business in Minnesota, West Virginia, and Oklahoma. TriColor must register in all three of these states.

True

False

4. Erica's supervisor told her to arrange for a conference room at the Kelly Inn. Erica has express authority to contract for the room.

True

False

5. What is meant by the term "piercing the corporate veil"?

a. Corporate officers and/or directors may be held personally liable to a person damaged by an act of the corporation.

b. Corporate shareholders may be held personally liable to a person damaged by an act of the corporation.

c. Both of the above are correct.

d. All of the above are correct.

Reference no: EM132159208

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