Piercing the Corporate Veil

The video tutorial explains the concept of piercing the corporate veil, which involves holding business owners personally liable for the company's obligations if the entity's limited liability protection is disregarded. It covers the types of entities that offer limited liability, such as LLPs, LLCs, and corporations, and discusses the factors that may lead courts to pierce the veil, including commingling of assets, undercapitalization, and lack of insurance. The importance of maintaining corporate formalities to ensure separation between the business and its owners is emphasized.

How can the commingling of personal and business assets affect limited liability?

What role does documentation and transparency play in maintaining the corporate veil?