Corporations and LLCs are legal entities, separate and distinct form the people who create and own them. (corporate shareholders or LLC members). One of the principal advantages of forming a corporation or an LLC is that because the corporation or LLC is considered a separate entity, the owners and managers have limited personal liability for the company’s debts. This means that the people who own and run the corporation or LLC cannot be held personally responsible for the debts of the business. But, in certain situations, courts can ignore the limited liability status of a corporation or LLC and hold its officers, directors, and shareholders or members personally liable for its debts. When this happens, it is called piercing the corporate veil.
The Corporate Veil Protection Kit is important to have in order to protect yourself from an individual, creditor, or vendor from piercing the corporate veil and being able to access your personal assets.
If a court pierces a company’s corporate veil, the owners, shareholders, or members of a corporation or LLC can be held personally liable for corporate debts. This means creditors, can go after the owners’ home, bank account, investments, and other assets to satisfy the corporate debt. A court might pierce the corporate veil and impose personal liability on officers, directors, shareholders, or members when the following are true:
* There is no real separation between the company and its owners. For example, the owner pays personal bills from the business checking account.
* The company’s actions were wrongful or fraudulent. If the owner(s) recklessly borrowed and lost money, made business deals knowing the business couldn’t pay the invoices, or otherwise acted recklessly or dishonestly, a court could find financial fraud and pierce the corporate veil.
This is why the Corporate Protection Kit is very important to purchase because it provides forms that are important in maintaining personal asset protection and avoid piercing the corporate veil.
Purchase Your Kit at the Special Discounted Price of $325.00