Using Litigation to Pierce the Corporate Veil
Corporations and LLCs are entities that are separate from their creators. They have legal rights and can own property. They can also be parties to contracts. When corporations and LLCs acts prudently and observe corporate formalities the owner’s personal assets are protected. A judgment collector can only pursue the assets of the corporation. Often a judgment against a corporation is difficult to collect because the corporation does not have sufficient assets to satisfy the judgment….