This new progressive test was used in ORX Res., and the single member was found to be liable for the debts of the LLC. The author found that even though there was a statutory argument that piercing the liability veil of an LLC was not allowed the totality of circumstances was the best...
piercing the corporate veil A theory used to reach the assets of individual shareholders when there is a judgment against a corporation but the corporation has no assets to satisfy the judgment. In general, if the shareholders operated a business in complete disregard of the corporate form,meaning...
To penetrate, perforate, or cut through someone or something. A noun or pronoun can be used between "pierce" and "through."Rays of sunlight pierced through the clouds.The metal beam that had been hurled by the tornado pierced the building clean through.The bullet didn't hit any organs when...
Growing out of the offshore tax shelters of the 1950s into the domestic statutory trusts of the 1970s that isolated groups of assets individually, the Series Limited Liability Company (SLLC) was enacted by Delaware in 1996. In the 15 years following this enactment, other jurisdictions enacted ...