Corporate veil
The legal separation between a company and the individuals behind it. It usually protects directors and shareholders from company debts unless a separate basis for personal liability exists.
Related terms
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Piercing the corporate veil
Another expression for disregarding the normal legal separation between a company and the individuals behind it in exceptional circumstances.
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Lifting the corporate veil
An exceptional legal concept where the normal separation between a company and individuals behind it is disregarded for a specific legal purpose.
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Personal liability for company debt
A situation where a director, shareholder or other individual can be pursued personally for a company obligation because a separate legal basis for liability exists.
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