Piercing the veil

{
  "id": "MLC-T-LAW-003755",
  "term": "Piercing the veil",
  "field": "Law",
  "definition": "A legal principle that allows a court to set aside the limited liability protection of a corporate entity and hold its individual shareholders or members personally liable for the company's debts or actions. This action is typically taken when the corporation has been used to commit fraud, evade legal obligations, or when there is a lack of separation between the entity and its owners. It is a rare exception to the general rule of corporate limited liability.",
  "url": "https://mlchart.com/terminology/law/piercing-the-veil/"
}