Definition:
The corporate shield or corporate veil is a term used to describe the separation of a corporation from its owners. As a separate entity, a corporation or limited liability company (LLC) is set up to "shield" the owners of the corporation (or members of the LLC) from personal liability for the debts or negligence of the business.
Also Known As: Corporate Shield and Corporate Veil are used interchangeably
Examples:
The lawsuit against the company named individual officers and directors as liable, piercing the corporate veil and requiring them to pay fines and penalties.
