Piercing the corporate veil

{
  "id": "MLC-T-LAW-003754",
  "term": "Piercing the corporate veil",
  "field": "Law",
  "definition": "A legal doctrine allowing courts to disregard the limited liability of a corporation and hold its shareholders, directors, or officers personally responsible for the corporation's debts or actions. This occurs when the corporation is used to perpetrate fraud, evade obligations, or when corporate formalities are not observed. Courts apply this doctrine sparingly to prevent injustice.",
  "url": "https://mlchart.com/terminology/law/piercing-the-corporate-veil/"
}