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