A close corporation is a corporation which is held by a limited number of shareholders and is not publicly traded. A close corporation can generally be run directly by the shareholders (without a formal board of directors and without a formal...
llcs
(Wex page)
Overview
When someone has a fiduciary duty to someone else, the person with the duty must act in a way that will benefit someone else financially.
The person who has a fiduciary duty is called the fiduciary, and the person...
(Wex page)
Overview
"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...