Articles Tagged with Best Corporate Attorney

PIERCING-THE-CORPORATE-VEIL-WHEN-YOUR-LLC-OR-CORPORATION-DOES-NOT-PROTECT-YOU-FROM-PERSONAL-LIABILITY-300x200
Normally, those who own or manage a corporation or LLC are not personally liable for business debts. However, there are circumstances where that limited liability is lifted. Those instances are referred to as “piercing the corporate veil.” In other words, the shareholders, members, and owners of the corporation are considered to be personally responsible for the liabilities of the business.

Limited Liability and Business Debts

As stated, a corporation or limited liability company (LLC) provides limited liability protection to its owners, members, etc. in that it is treated as a separate entity in the eyes of the law. Put simply, the business, not its owners, bears the responsibility for its own debts.

At a certain point in your business’s growth, there may come the ideal time to form a corporation. To incorporate in the state of Illinois, you’ll need to follow some fairly specific steps.

Reasons to Incorporate

Forming a corporation has many potential benefits. Some of the main reasons it’s beneficial to incorporate include the following:

Contact Information