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Posted: September 2nd, 2022
Week 3 Discussion
Week 3 Discussion
Description
One of the distinct advantages offered to the owners of corporations is limited liability. While one may argue whether “corporations are people,” it is inarguable that corporations are entities distinct from their owners.
Notwithstanding this distinction, there are circumstances where courts will ignore or blur this distinction. As a result, individual owners of corporations may find themselves personally liable to third parties for the actions of the corporation, thereby destroying the protection of limited liability. This concept is known as “piercing the corporate veil.” Even though there is a difference, there are times when courts will ignore or blur this difference. Because of this, the owners of a corporation may be held personally responsible by third parties for the actions of the corporation. This makes limited liability useless. This concept is known as “piercing the corporate veil.”a
Discussion Forum Prompt:
Your task is to discuss the following:
(i) should limited liability ever be extended to shareholders of corporations, or is the law applicable to partnerships (partners are personally liable for the acts of the partnership) a better approach?;
(ii) why do courts distinguish between breaches in tort and breaches in contract when determining whether the corporate veil should be pierced, and do you agree that this is an appropriate distinction?;
(iii) how, if at all, would you change the approach to imposing liability on owners for obligations owed by the corporation?
Requirements: 450 words
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