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Sponsored by Lorman Education
Product ID: 405439EAU
 
Credit & Course Provided by:

Piercing the LLC Veil

OnDemand Webinar (93 minutes)

Limited Liability Companies (LLCs) are used by business people and businesses to, among other things, shield their unrelated assets from liability.The veil separating the LLC and its members describes the separation of an LLC from its owners and their assets. In limited circumstances, courts will pierce the LLC's veil, and hold its members liable for the obligations of the LLC. Courts have traditionally been loose with terminology surrounding analysis of veil piercing claims. This topic will isolate the essential factors and considerations that courts have considered important enough to merit application of the extraordinary remedy of veil piercing in the context of piercing the entity veil of LLCs. The analysis provided will assist transactional lawyers and members of LLCs protect their LLCs from veil piercing claims, and will assist litigators in identifying when veil piercing claims are appropriate.

Authors

Tod Northman, Tucker Ellis LLP Emmanuel Sanders, Tucker Ellis LLP

Agenda

Piercing the Corporate Veil Generally

• General Principles

• Policy Reasons for and Against

• Examples (Short Summaries) and Variations (Short Explanation)

Piercing as Applied to LLCs

• Particularities/Idiosyncrasies of LLC Piercing

• State Variations

• Policy Reasons for and Against

• Examples (Extended Review of Paradigmatic Cases) and Forms of LLC Piercing

• Reverse and Sideways Veil Piercing

Practical Lessons From LLC Piercing

• How to Protect One's LLC From Being Pierced

• How to Pierce Another's LLC

• Considerations in Selecting an LLC as Opposed to a Different Entity in Terms of Minimizing Risk of Piercing