Corporate Veil
top definition
concept in the corpoate business world that protects stockholders from being liable for the debts of the business.
a simple way of understand this is that stockholders can only lose what they invest; creditors of a business cannot go after the stockholders for the business’s liabilities.
basically a business can rack up a bunch of debt, go under, and not have pay the difference owed to creditors after liquidating.
this concept does not apply to family owned business aka non-corporations.
the corporate veil is a motherf-cker. lets corporations that go under get away scott free.
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