Discussion
ROBERTA1234
melvin4e_ch15_ppt.pdf
Corporations
!"#$%&'()*
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66*%&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":*3&)("9)*)(>*#%&"%*3%&))>:* 0":=>:)*"B*/01%2345&66*78902)&":
Chapter Overview ! "#$%&'($)*+*&%,'-).$%'/%012%1*3%.14$&')+$,%'/% .')5')14+'*, ! 6-0$,%&'($)*+*&%4#$%/')714+'*%'/%1%.')5')14+'* ! "#$%5$),'*10%0+18+0+49%'/%4#$%5)+*.+510,%/')%.')5')14$% 0+18+0+4+$,%1*3%3$84, ! :'2%.')5')14+'*,%1)$%.15+410+;$3<%41=$3<%1*3 ,4)-.4-)$3 ! "#$%3-4+$,%'/%.')5')14$%71*1&$),<%,-.#%1,%'//+.$),%1*3% 3+)$.4'),<%4'%4#$%'2*$),%'/%4#$%.')5')14+'*
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Corporate Entities
+ !,'$,'#%-,.( ! "#$%#%#&'()*+,-*)+.%#%/)%0-%)+1#(%()-()-.)#.2+3+.2+.%)43+5(&.6 (+3-5-%+)"5&7)#%()35#.$#3-*(8
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Corporate Entities + /#0"(1%#%&("#1(#(1$&0-2-0(3#45(,2%&.(0#33&6(%"&( 781-.&11(0,'$,'#%-,.(3#4(%"#%(0,9&'1(180"(:#%%&'1(#1( %"&(1%'80%8'&(,2(%"&(0,'$,'#%-,.5(,9&'1-;"%(,2(%"&( #0%-9-%<(,2(%"&(0,'$,'#%-,.=1(:#.#;&'15('-;"%1(,2(%"&( $'-.0-$#31(-.(%"&(0#1&(,2(%"&(1#3&(,2(#11&%1(,'( ,4.&'1"-$(-.%&'&1%15(#..8#3('&$,'%-.;('&>8-'&:&.%15( #.6(,%"&'(-118&1(%"#%(#22&0%(%"&(-.%&'.#3('83&1(,2(%"&( 781-.&11(9&.%8'&?(
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Privately Held vs Publicly Held
+ @"&(:,1%(0,::,.(0#%&;,'<(-1(#($'-9#%&3<("&36( 0,'$,'#%-,.?(
+ A'-9#%&3<("&36(0,'$,'#%-,.1(#'&(%",1&(%"#%(6,(.,%(1&33( ,4.&'1"-$(-.%&'&1%1(%"',8;"(1#3&1(9-#(#(7',B&'(%,(%"&( ;&.&'#3($873-0(,'(%,(2-.#.0-#3(-.1%-%8%-,.1(,'(-.9&1%,'1?
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Privately Held vs Publicly Held
+ C"&.(#($'-9#%&3<("&36(0,'$,'#%-,.(4-1"&1(%,(28.6( 0#$-%#3-D#%-,.(%"',8;"(%"&(1#3&(,2(,4.&'1"-$(-.%&'&1%(%,( %"&(;&.&'#3($873-0(#.6(0,::&'0-#3(-.9&1%,'15(%"&( $'-.0-$#31($8'18&(#.(E.-%-#3(A873-0(F22&'-.;(GEAFH(#.6( %"&.(0,.%-.8&(%"&-'(0,'$,'#%&(&I-1%&.0&(#1(#($873-03<( "&36(0,'$,'#%-,.?
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Other Categories ! >'7$,4+. ! "#$%&'$(%)%'$*+$,%($,#-*./*.)%,*#0$)$-*./*.)%,*#$,($.'+'..'1$%*$)($)$ 1*2'(%,-$-*./*.)%,*#3
! ?')$+&* ! 4$-*./*.)%,*#$%&)%$%.)#()-%($56(,#'(($,#$)$(%)%'$*%&'.$%&)#$,%($ (%)%'$*+$,#-*./*.)%,*#$
! @0+$* ! 4$-*./*.)%,*#$+*.2'1$*6%(,1'$%&'$7#,%'1$8%)%'($%&)%$%.)#()-%($ 56(,#'(($,#$%&'$7#,%'1$8%)%'(
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Other Categories + J,.$',2-% ! %0&(+)%0-%)2&).&%)0-9+)35&"#%:(++;#.,)&<.+5()='% 5-%0+5)+1#(%)%&)3+5"&57)(&7+)(+59#$+)%&)%0+)3'=*#$)-%)*-5,+8)
+ A873-0( ! %0&(+)"&57+2)=/)-),&9+5.7+.%)=&2/)%&)(+59+)%0+)3'=*#$)-%) *-5,+>)('$0)-()3'=*#$)7-(()%5-.(#%)$&73-.#+(8)
+ A',2&11-,.#3 ! %0&(+)#.)<0#$0)%0+)&<.+5(0#3)#()5+(%5#$%+2)%&)-)3-5%#$'*-5) 35&"+((#&.)*#$+.(+2)#.)-)$+5%-#.)"#+*28)
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Formation + K(0,'$,'#%-,.("#1(%"&(:,1%(2,':#3(2-3-.;(#.6('&$,'%-.;( '&>8-'&:&.%1?
+ L,08:&.%(:81%(1%#%&(%"&(0,'$,'#%-,.=1(.#:&5($8'$,1&5( .8:7&'(,2(1"#'&1(-118&65(#.6(#66'&11(,2(%"&( 0,'$,'#%-,.=1(">8#'%&'1?
+ @"-1(6,08:&.%(-1(B.,4.(#1(%"&(#'%-03&1(,2( -.0,'$,'#%-,.?
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Debt
+ !,'$,'#%-,.1(,2%&.(7,'',4(:,.&<(2',:(0,::&'0-#3( 3&.6&'1(G180"(#1(7#.B1H(%,(28.6(6#<M%,M6#<(,$&'#%-,.1?(
+ N,'(3#';&'($',O&0%15(0,'$,'#%-,.1(:#<(#31,(81&(:,'&( 1,$"-1%-0#%&6(2,':1(,2(6&7%(180"(#1(-118-.;(7,.61(,'( 6&7&.%8'&1?
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Equity
+ !,'$,'#%-,.1(#31,(1&33(&>8-%<(%,(0#$-%#3-D&(%"&-'( ,$&'#%-,.1?(
+ N,'(:,6&1%(#:,8.%1(,2(28.6-.;5(0,'$,'#%-,.1(:#<(%8'.( %,($'-9#%&(-.9&1%,'1(,'(;',8$1(,2(-.9&1%,'1?(
+ P,:&%-:&1(!,'$,'#%-,.(4-33("-'&(#('&;-1%&'&6(7',B&'M 6&'(%,("#.63&(3#';&'(10#3&(EAF1?
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Public Offerings
+ P,:&(0,:$#.-&1(,$%(%,($',0&&6(%"',8;"(#(9&'<( 0,:$3&I(#.6(%-:&M0,.18:-.;($',0&11(,2(0,.9&'%-.;( %"&(0,'$,'#%-,.(2',:($'-9#%&3<("&36(%,($873-03<("&36(7<( &.;#;-.;(-.(#.(-.-%-#3($873-0(,22&'-.;(GEAFH?(
+ K%(%"#%($,-.%5(%"&(0,'$,'#%-,.(:#<('#-1&(&>8-%<(7<( 1&33-.;(-%1(1"#'&1(%,(%"&(;&.&'#3($873-0(#.6(%,(2-.#.0-#3( -.1%-%8%-,.1? !"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66*
%&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Initial Organizational Meeting
+ Q<3#41(G'83&1(7<(4"-0"(0,'$?(-1('8.H
+ Q,#'6(,2(6-'&0%,'1(#.6(,22-0&'1
+ E118#.0&(,2(1"#'&1
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Liability
+ P"#'&",36&'15(6-'&0%,'15(#.6(,22-0&'1(,2(#(0,'$,'#%-,.( #'&(-.183#%&6(2',:($&'1,.#3(3-#7-3-%<(-.(0#1&(%"&( 0,'$,'#%-,.('8.1(8$(3#';&(6&7%1(,'(1822&'1(1,:&( 3-#7-3-%<?(
+ @"-1(3-#7-3-%<($',%&0%-,.(-1(,2%&.('&2&''&6(%,(#1(%"&( 0,'$,'#%&(9&-3?
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Personal Guarantees
+ Q#.B15(3#.63,'615(#.6(,%"&'(0'&6-%,'1(#'&(2833<(#4#'&(,2( %"&(3-:-%&6(3-#7-3-%<($',9-6&6(7<(%"&(0,'$,'#%&(9&-3?(
+ @"815(-2(#(0,'$,'#%-,.(-1(#(1%#'%M8$(,'("#1(3-:-%&6( #11&%15(%"&1&(0'&6-%,'1(4-33(#3:,1%(#34#<1('&>8-'&(%"#%( %"&(1"#'&",36&'1(;-9&(#($&'1,.#3(;8#'#.%&&?
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Taxation
! ABC .')5')14+'*,%1)$%.'*,+3$)$3%1%,$51)14$%0$&10<%41=180$% $*4+49%/)'7%4#$%'2*$),%/')%+*.'7$%41=%5-)5',$,D% ! "#$)$/')$<%.')5')14+'*,%519%41=%'*%4#$+)%$1)*+*&,%1*3%4#$*% 41=%+,%51+3%1&1+*%+/%.')5')14$%$1)*+*&,%1)$%3+,4)+8-4$3%4'% ,#1)$#'03$),%+*%4#$%/')7%'/%3+(+3$*3, ! "#+,%,9,4$7%+,%E*'2*%1,%3'-80$%41=14+'*%
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Double Taxation
@#I#%-,.(,008'1(#%(7,%"( )? %"&(0,'$,'#%&(3&9&35(4"&.(-.0,:&(-1(&#'.&6(7<(%"&( 0,'$,'#%-,.5(#.6(
R? %"&(-.6-9-68#3(3&9&35(4"&.(-%(-1(6-1%'-78%&6(#1(#( 6-9-6&.6(G$',2-%H(%,(%"&(1"#'&",36&'?
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Taxation ! F-8.#154$)%FG ! 7('$*+$9*(('($%*$9,2,%$%):$9,)5,9,%;3 ! 4<*,1($1*659'$%):)%,*#3 ! =,2,%'1$-9)((,+,-)%,*# ! 8,#>9'$-9)(($*+$(%*-?3 ! @*$-*./*.)%'$(&).'&*91'.( ! =,2,%'1$(-*/'$*+$56(,#'(( ! =,2,%'1$#625'.$)#1$%;/'$*+$(&).'&*91'.( ! 7#)#,2*6($-*#('#%
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Taxation of C Corporations and S Corporations
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
Structure, Management and Operation ! F#1)$#'03$), ! *A#'.($*+$%&'$-*./*.)%,*#$)#1$)-%$/.,#-,/)99;$%&.*6>&$'9'-%,#>$ )#1$.'2*<,#>$1,.'-%*.($)#1$)//.*<,#>$*.$A,%&&*91,#>$)//.*<)9$*+$ 2)B*.$-*./*.)%'$1'-,(,*#(3$
! >+)$.4'),% ! .'(/*#(,59'$+*.$*<'.(,>&%$)#1$2)#)>'2'#%$*+$%&'$-*./*.)%,*#C($ -*6.('$*+$1,.'-%,*#3$
! H//+.$),% ! -)..;$*6%$%&'$1,.'-%*.(C$('%$-*6.('$*+$1,.'-%,*#$%&.*6>&$ 2)#)>'2'#%$*+$%&'$1);D%*D1);$*/'.)%,*#($*+$%&'$56(,#'((3
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Shareholders + A,4&'(%,(&3&0%(#.6('&:,9&(6-'&0%,'1(
+ A,4&'(%,(9&%,(28.6#:&.%#3(0"#.;&1(%,(0,'$,'#%-,.5( &?;?(1#3&(,2(#33(#11&%15(:&';&'15(-118-.;(:,'&(0#$-%#3( 1%,0B5(#.6(-118-.;(7,.61(
+ P"#'&",36&'1(#31,(:81%(#$$',9&(#.<(0"#.;&1(-.(%"&( 1%'80%8'&(,2(%"&(0,'$,'#%-,.(%"',8;"(#:&.6-.;(%"&( #'%-03&1(,2(-.0,'$,'#%-,.(,'(7<3#41?
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Board of Directors ! F$4,%,4)14$&9%1*3%5'0+.+$,%'/%4#$%.')5')14+'*<%+*.0-3+*&% 5197$*4%'/%3+(+3$*3,%
! @0,'%#1,%+75')41*4%'($),+%/-*.4+'*,
! I',4%501**+*&%+*+4+14+($,%4#14%)$,-04%+*%1%.#1*&$%4'%4#$% .')5')14+'*<%,-.#%1,%1*%1.J-+,+4+'*%'/%1*'4#$)% .')5')14+'*K,%1,,$4,%')%,4'.E<%1)$%'($),$$*%89%4#$%8'1)3% 5)+')%4'%,-87+44+*&%4#$%501*%4'%,#1)$#'03$),%/')%155)'(10D
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Officers
+ @"&(0,'$,'#%-,.=1(,22-0&'1(#'&(#$$,-.%&6(7<5(#.6(:#<( 7&('&:,9&6(7<5(%"&(7,#'6(,2(6-'&0%,'1?( + @"&(,22-0&'1(0#''<(,8%(%"&(6#<M%,M6#<(,$&'#%-,.1(,2(%"&( 0,'$,'#%-,.(#.6(&I&08%&(%"&(1%'#%&;<(#.6(:#.6#%&1( 1&%(,8%(7<(%"&(7,#'6(,2(6-'&0%,'1?
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Fiduciary Duties of Officers and Directors
+ L8%<(,2(0#'&(#.6(%"&(68%<(,2(3,<#3%<
+ Q'�"-.;(%"&1&(68%-&1(:#<('&183%(-.($&'1,.#3(3-#7-3-%<( 2,'(%"&(,22-0&'(,'(6-'&0%,'?
+ @"-1($',%&0%-,.(-1(B.,4.(#1(%"&(781-.&11(O86;:&.%( '83&?
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Duty of Care
+ J&;3-;&.0&
+ N#-38'&(%,(#0%(4-%"(6-3-;&.0&
+ S877&'(1%#:$
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Business Judgment Rule
T,1%(0,8'%1(6&2-.&(;,,6(2#-%"(7<('&>8-'-.;(6-'&0%,'1(#.6( ,22-0&'1(%,(03&#'(%"'&&("8'63&1(%,(,7%#-.($',%&0%-,.(,2(%"&( '83&U + J,($'-9#%&(-.%&'&1% + Q&1%(-.2,':#%-,. + S#%-,.#3(7&3-&2
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Duty of Loyalty
+ @"&(68%<(,2(3,<#3%<(-1($'-:#'-3<(2,081&6(,.($',9-6-.;( $',%&0%-,.(%,(1"#'&",36&'1(-.(0#1&1(4"&'&(#( %'#.1#0%-,.(,008'1(4"&'&(%"&($,11-7-3-%<(,2(1&32M6-.;( -1($'&1&.%?
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Corporate Opportunity Doctrine
)? L-6(%"&(0,'$,'#%-,.("#9&(#(08''&.%(-.%&'&1%(,'( &I$&0%&6(-.%&'&1%(-.(%"&(,$$,'%8.-%<V(
R? E1(-%(2#-'(%,(%"&(0,'$,'#%-,.=1(1"#'&",36&'1(%,(#33,4( #.,%"&'(%,(818'$(#(0&'%#-.(-.%&'&1%V(
W? E1(%"&(,$$,'%8.-%<(03,1&3<('&3#%&6(%,(%"&(0,'$,'#%-,.=1( &I-1%-.;X$',1$&0%-9&(781-.&11(#0%-9-%-&1V
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Breach of Fiduciary Duty Lawsuits by Shareholders
P"#'&",36&'1(&.2,'0&(%"&-'('-;"%1(#.6(2-680-#'<(68%-&1( %"',8;"(%"&(81&(,2(#(3#418-%(-.(%"&(2,':(,2U
+ P"#'&",36&'=1(6&'-9#%-9&(#0%-,.5(,'(
+ P"#'&",36&'=1(6-'&0%(#0%-,.?
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
5&66*78902)&":
Piercing the Corporate Veil
+ E.#6&>8#%&(0#$-%#3-D#%-,.
+ J#%8'&(,2(%"&(03#-:
+ /9-6&.0&(,2(2'#86(,'(4',.;6,-.;
+ N#-3-.;(%,(2,33,4(0,'$,'#%&(2,':#3-%-&1
!"#$%&'()*+*,-,.*/01%2345&66*78902)&":;*<66* %&'()=*%>=>%?>8;*@"*%>#%"890)&":*"%*8&=)%&A9)&":* 3&)("9)*)(>*#%&"%*3%&))>:*0":=>:)*"B*/01%234
