The reason that most corporations are formed is to provide limited liability to its shareholders, and to shield officers and directors of small businesses from various liabilities of those companies. However, there are a few distinct areas where shareholders may have liability for the actions of the company.
One of the most general "veil piercing" comes up in situations where a company collects sales taxes as part of its operations. Various officers and directors of companies do not realize that they can be held individually liable for taxes collected and not paid to the state. An example of this, and a excellent discussion related thereto, can be establish in the case State of Texas v. Crawford, a recent case out of the 3rd Court of Appeals in Texas.
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