What is piercing the corporate veil and when would it occur?

"Piercing the corporate veil" refers to a situation in which courts put aside limited liability and hold a corporation's shareholders or directors personally liable for the corporation's actions or debts. Veil piercing is most common in close corporations.

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Jury Instruction - 1.9.5.2 Subsidiary As Alter Ego Of Parent...

Queens New York Jury Instruction - 1.9.5.2 Subsidiary As Alter Ego Of Parent Corporation

Name: Queens New York Jury Instruction - 1.9.5.2 Subsidiary As Alter Ego Of Parent Corporation
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Federal - Jury Instructions

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Queens

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US-11CF-1-9-5-2

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This form contains sample jury instructions, to be used across the United States. These questions are to be used only as a model, and should be altered to more perfectly fit your own cause of action needs.

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When a character lives more than one life, having a secret identity or taking on more than one personality, that alternate personality is their alter egofor instance, think of Spider-Man, who is the alter ego to Peter Parker.

"Piercing the corporate veil" refers to a situation in which courts put aside limited liability and hold a corporation's shareholders or directors personally liable for the corporation's actions or debts. Veil piercing is most common in close corporations.

Legal doctrine whereby the court finds a corporation lacks a separate identity from an individual or corporate shareholder, resulting in injustice to the corporation's debtors.

The alter egos may be triggered by stressors. The various alter egos may refuse each other, conflict with one another, be hostile to one another or not want to acknowledge the others existence.

Piercing the corporate veil is not a separate cause of action against the corporation. Instead, it is an assertion of facts and circumstances to convince the court to shift the corporation's obligation onto its owners. (Morris, 603 N.Y.S.

The doctrine of piercing the corporate veil does not constitute a basis for an independent cause of action, Morris v State Dept. of Taxation and Finance, 82 NY2d 135, 603 NYS2d 807, 623 NE2d 1157; ARB Upstate Communications LLC v R.J.

There are, nevertheless, two general requirements: (1) that there be a unity of interest and ownership that the separate personalities of the corporation and the individual(s) no longer exists, and (2) that, if the acts are treated as those of the corporation alone, an inequitable result will follow.

An action to pierce the corporate veil is not a separate and independent cause of action, but rather is merely a procedure to enforce an underlying judgment. Thus, without an underlying liability, there is no basis for piercing the veil of limited liability.

Under the doctrine of alter ego (also known as piercing the corporate veil), individuals may be liable for the actions of their corporations in certain circumstances.

Citing no less an authority than the California Supreme Court, the appellate court concluded, California law does not recognize an alter ego claim or cause of action that will allow a corporation and its shareholders to be treated as alter egos for purposes of all of the corporation's debts. The California Supreme

Queens New York Jury Instruction - 1.9.5.2 Subsidiary As Alter Ego Of Parent Corporation

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Interesting Questions

What does the term 'subsidiary as alter ego of parent corporation' mean?

How does the concept of subsidiary as alter ego affect legal proceedings?

What factors are considered when assessing if a subsidiary is the alter ego of its parent corporation?

Can you provide an example of when a subsidiary may be treated as the alter ego of its parent corporation?

What are the potential consequences if a subsidiary is deemed the alter ego of its parent corporation?

Can a plaintiff seek damages from both the subsidiary and the parent corporation if the subsidiary is the alter ego of the parent?

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