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Veil Piercing

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You have just inherited $ 10 million. Rather than kicking back and avoiding all work, you are contemplating starting and operating a landscaping business with a friend that would require each of you to invest $5,000 for equipment. Your friend suggests that the business be formed as a corporation so that you won't have to buy a lot of expensive liability insurance to protect your inheritance from tort claims from people that you conceivably might injure. Given your knowledge of veil piercing, what do you tell your friend?

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Solution Summary

This solution reviews veil piercing of corporations, and discusses alternatives to forming a small business as a corporation.

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I tell my friend that a corporation would not be the best form of business because in veil piercing there are strict rules that a corporation has to adhere to in order to be protected against tort claims where the investors, officers or shareholders of ...

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