The corporate veil is lifted when there is suspicion that the the fact that there is a limited liability company is a fraud or when there is only one shareholder or when a company was created with the only objective to take advantage of the corporate veil. There are quite a few cases where the corporate veil has been pierced but its the most common scenario.
The Accounting and Finance Community
ARTICLES
Accrued Rent Income – Example With Journal Entries
When is Earned Revenue Reported?
Do You Pay Tax on Drawings From a Business?
Contingent Asset Accounting and Analysis
Accrued Revenue Accounting and Journal Entries
Accrued Expense Accounting and Journal Entries
Prepayments Occur When Payments Are In Advance
Sunday, January 24, 2021