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131Limited liability — is a concept whereby a person s financial liability is limited to a fixed sum, most commonly the value of a person s investment in a company or partnership with limited liability. A shareholder in a limited company is not personally liable for… …
132Piercing the corporate veil — or lifting the corporate veil is a legal decision to treat the rights or duties of a corporation as the rights or liabilities of its shareholders or directors. Usually a corporation is treated as a separate legal person, which is solely… …
