by Staff of the Firm | Mar 1, 2016 | Business Management, Choice of Entity, LLC, Personal Liability, Uncategorized
We have looked at the laws governing veil piercing in New York, Wyoming, Texas, and Maryland. Veil piercing is available in most other states in varying degrees, but it bears repeating that limited liability is the rule and piercing is the rare exception to be...
by Staff of the Firm | Feb 25, 2016 | Business Management, Choice of Entity, LLC, Maryland Law update, Personal Liability, Uncategorized
Maryland. In recent years, Maryland has become one of the most difficult states in which to pierce the corporate veil, with a success rate at about 25.81%.[1] This is an interesting reversal, given that the state had a relatively liberal 40% rate until 1986.[2] ...
by Staff of the Firm | Feb 18, 2016 | Business Management, Choice of Entity, LLC, Personal Liability, Texas Law Update, Uncategorized
Texas. In Texas, veil piercing is in large part governed by the statute. Specifically, a shareholder is not liable to the corporation or its creditors with respect to, among other things, contractual obligations of the corporation on the basis that the shareholder...
by Staff of the Firm | Feb 11, 2016 | Business Management, Choice of Entity, LLC, Personal Liability, Uncategorized, Wyoming Law Update
Wyoming. Wyoming courts allow veil piercing in about 61.90% of cases, far exceeding the national average, though the small size of the dataset (21) makes it difficult to say that the rate is statistically meaningful.[1] In Wyoming, veil piercing law was also modified...
by Staff of the Firm | Feb 4, 2016 | Business Management, Choice of Entity, LLC, Multiple Owners, New York Law Update, Personal Liability, Uncategorized
New York. According to a 2010 study of a dataset of 2908 cases from 1658 to 2006, New York courts allow veil piercing in about 49.81% of cases and is among the most prominent producers of veil piercing cases.[1] In Agai v. Diontech Consulting, Inc.,[2] a recent case,...
