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90-minute live streaming program
  • August 15
  • 1:00 - 2:30 pm EST

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Piercing the Corporate Veil Checklist - Avoid Mistakes and Exposure

August 15

Avoid piercing the corporate veil with these tests and due diligence checklists.

Formation of a corporation or LLC through which to conduct business is necessary to avoid personal liability. Formation of a corporation or LLC alone does not, however, guarantee protection from personal liability to contract creditors or tort victims or, in the case of entity ownership, from parent company liability. If corporate formalities and corporate independence are not observed, and the corporation through its owner(s) engages in wrongful behavior which causes damage, a court may ‘Pierce the Corporate Veil' and find the individual owner or parent company liable regardless of the existence of the corporation or LLC. While states have different tests and considerations for Piercing the Corporate Veil, there are common factors applicable nationwide that increase Veil Piercing risk. This topic will help lawyers and business persons identify and understand the multiple factors that can result in Veil Piercing, apply a common sense approach to avoid those behaviors, and reduce the chances of owner individual and parent liability.

Learning Objectives

- You will be able to explain concepts of Veil Piercing to access parent corporation liability and Veil Piercing to access individual shareholder liability.

- You will be able to review your corporate recordkeeping and governance and make necessary changes to reduce Veil Piercing risks.

- You will be able to identify how misuse of a corporation can be deemed to cause harm to creditors and tort victims and justify Veil Piercing.

- You will be able to explain concepts of Veil Piercing to access parent corporation liability and Veil Piercing to access individual shareholder liability.

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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

What Is Piercing the Corporate Veil and Why Does It Happen?
  • Definition
  • Distinction Between Veil Piercing and Other Forms of Individual Liability
  • Public Policy Justifications for Veil Piercing
  • Who Seeks Veil Piercing and Why
  • Individual Shareholder vs. Parent Liability
What Are the Most Common Components of Veil Piercing Tests?
  • Alter Ego (Individual Shareholder, Director, or Dominating Individual)
  • Mere Instrumentality (Parent/Subsidiary)
  • Wrongful Acts Perpetrated Through Corporation Which Cause Damage and Together Make Limited Liability Inappropriate or Inequitable Under the Circumstances
Checklist of What Owners and Parent Companies Can Do to Avoid Veil Piercing
  • Corporate Formation Checklist
  • Maintenance of Corporate Form After Formation Checklist
  • Board of Directors Behavior Checklist
  • Shareholder Behavior Checklist
  • Parent Subsidiary Behavior Checklist
  • Avoid Comingling of Corporate and Personal Funds and Payments Checklist
  • Avoid Wrongful Conduct Towards Creditors or Tort Victims Checklist
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

No credit available.

Live Webinar Registration

  • CFP 1.5
     
  • The Certified Financial Planner Board of Standards, Inc. has granted 1.5 hours of continuing education credit. Level of Knowledge: Intermediate.
     
  • AL CLE 1.5
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, Inc. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CO CLE 2.0
     
  • This program may qualify for 2.0 credit hours through the Colorado Supreme Court Board of Continuing Legal and Judicial Education through reciprocity. This course is accredited in other jurisdictions such as New Jersey. To receive CLE credit for this program, a home study affidavit must be submitted to the Supreme Court Board of Continuing Legal and Judicial Education.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • GA CLE 1.5
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • MS CLE 1.5 (Pending)
     
  • This program has been submitted to the Mississippi Commission on Continuing Legal Education. Approval pending.
     
  • MT CLE 1.5
     
  • This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.5 CLE credits.
     
  • NC CLE 1.5
     
  • This program has been approved by the North Carolina State Bar Board of Continuing Legal Education for 1.5 CLE hours.
     
  • NH MCLE 1.5
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 90 Minutes.
     
  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • TN CLE 1.5
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.5 hours of credit.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of CLE credit.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of credit.
     
  • WI CLE 1.5
     
  • This program has been approved by the Board of Bar Examiners for 1.5 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
  • CPE 1.8 including Business Law 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Business Law for 1.8 hours. Prerequisite: basic knowledge of business financials. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Specialized Knowledge and Applications for 1.5 hours.
     
  • Lorman Business Center, Inc. has registered with the Texas State Board of Public Accountancy as a CPE Sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program. This program qualifies for 1.5 hours of continuing professional education.
     

Audio & Reference Manual

No credit available.

MP3 Download

No credit available.

Who should attend?

This live webinar is designed for attorneys, presidents, vice presidents, accountants, CPAs, controllers, accounting managers, CFOs, directors, business owners and managers, finance directors, and estate and financial planners.

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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Christopher C. Mason

Christopher C. Mason

Smyth & Mason, PLLC

  • Partner in the AV rated Seattle law firm of Smyth & Mason, PLLC
  • Committed to providing practical legal advice that can be effectively implemented
  • Has litigated and practiced in the area of commercial, employment and tort law throughout his 34-year career
  • Routinely forms and advises corporations and LLCs and their owners on compliance with applicable laws and defends entities and their owners against claims by creditors and tort victims
  • Prosecutes tort and contract claims against corporations where veil piercing is sometimes sought
  • Represents businesses large and small, the vast majority of which are nonpublic entities
  • Member of the federal and state bars of the state of Washington
  • J.D. degree, Arizona State University School of Law; B.A. degree, cum laude, Bowdoin College
  • Can be contacted at 206-621-7100, [email protected] or through his firm’s website at www.smythlaw.com
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 400525
Published 2016, 2017
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