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Simple English definitions for legal terms

corporate veil

Read a random definition: acceleration clause

A quick definition of corporate veil:

The corporate veil is a legal concept that separates a corporation from its shareholders. This means that the shareholders are not personally responsible for the actions of the corporation. However, in some cases, the court may "pierce the corporate veil" and hold shareholders accountable for the corporation's wrongful acts. This is called disregarding the corporate entity. It is important to note that there is no clear rule for when the corporate veil can be pierced, and courts often rely on labels or characterizations of relationships to make their decision.

A more thorough explanation:

Definition: The legal concept that separates the actions of a corporation from its shareholders, protecting them from personal liability for the corporation's actions.

For example, if a corporation is sued for breach of contract, the shareholders are not personally responsible for paying damages. Instead, the corporation's assets are used to satisfy the judgment.

Definition: The legal process of disregarding the corporate veil and holding shareholders, directors, or officers personally liable for the corporation's actions.

For example, if a corporation is used to commit fraud or other illegal activities, a court may pierce the corporate veil and hold the individuals responsible for the damages caused.

Overall, the corporate veil is an important legal concept that protects shareholders from personal liability for the actions of the corporation. However, in certain circumstances, the veil may be pierced to hold individuals accountable for their actions.

corporate stock | corporate welfare

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17:28
@amlaw: i want gulc so bad, but i dont think i can take an offer if extended. i would actually need like 10k to cancel my lease, move all my stuff from la to dc, pay gulc's tuition deposit, and then find a new apt in dc
17:28
if they told me this like 2 weeks ago, i would have not gotten an apt in la yet
17:30
i ideally want a fed govt position in dc, but i dont think i can physcially afford to cancel all my plans to attend :(
that really sucks
Coolperson49494
18:08
10k for the life you want vs a school that prob wont get you there is prob worth
Coolperson49494
18:08
id do it although LA biglaw seems more appealing overall tbh
OvertReconditeSpider
18:20
If that person doesnt have 10k however, could be outta luck
yeah i think it comes down to literally not having 10k to blow
OvertReconditeSpider
18:20
Oof
OvertReconditeSpider
18:20
Skill issue
OvertReconditeSpider
18:21
Jk even if i had it. I wouldnt spend 10k just to get out of a lease to switch schools
MightyUnableSphinx
18:29
@menherachan: You should say that to GULC
MightyUnableSphinx
18:30
I mean fuck it right. Like, maybe they can help somehow. Probably they can't but if the alternative is "i dont go to gulc" who cares
MightyUnableSphinx
18:30
Idk I doubt they can give you 10k cash, lmao, but who knows!
Others will disagree, but max out a credit card if you have to do so.
It's 10K. Not 100K.
OvertReconditeSpider
19:29
10K at 21.51% interest. Lol
19:47
Yeah I would definitely disagree. Without family help when could they realistically pay that off?
20:18
If someone can live below the student budget at GULC loans could cover an extra $10K, but Grad PLUS loans still amount to $2 in repayment for every $1 borrowed on a 10-year plan at current interest rates. Not a choice to make lightly.
OvertReconditeSpider
20:19
^
OvertReconditeSpider
20:19
The rates on the stafford loans are garbage too
manifestmoreadmissions
21:59
yeah its not the worst decision and im sure you could find solutions to any problems it might create but idk if it's like a no-brainer
MightyUnableSphinx
0:11
Apply for new credit card w/ 12 month 0% APR intro offer -> Max out card to 10k to get out of lease -> Go to GULC
MightyUnableSphinx
0:11
You now have 12mths to pay back 10k with no interest
MightyUnableSphinx
0:14
If you have decent credit history/credit score i bet the starting balance will be like 15-25k
MightyUnableSphinx
0:14
im actually cooking right now wtf this advice is so good. do not blow up your plan in life because of a fkn lease agreement
1:39
Excuse me everyone. Sorry. I'm planning to take lsat but I see so many different types of textbooks and categories on the market, which books should I start with for a rookie like me? Thanks a lot!
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