The Business Mentoring Center
The Business Mentoring Center

Corporate Cranium Mentor Articles

Piercing the Corporate Veil

By Stacey Edwards Jones | November 1, 2018

Many small business owners, including farmers, organize and operate their businesses through separate legal entities such as limited liability companies or corporations. Business owners incorporate for a variety of reasons including management, liability protection benefits and self-employment tax savings. But business owners must exercise caution to demonstrate that they, as business owners, and the entity do not function as a single unit. The term “piercing the corporate veil” references a method of holding an individual responsible for the liabilities of a business entity despite the company being a separate corporate entity...

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