Puerto Rico Jury Instruction - 1.9.5.2 Subsidiary As Alter Ego Of Parent Corporation
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FAQ
Piercing the Corporate Veil/Alter Ego. There are some circumstances under which the corporate form will be disregarded and the corporate veil will be pierced to hold individual officers or shareholders personally liable for the conduct or debts of the entity.
Courts will disregard the corporate entity, allowing for individual shareholders, directors or officers (i.e. the ?alter-egos?) to be held liable in certain circumstances. This is also known as ?piercing the corporate veil.?
Several instances in which the corporate veil might be pierced by a court, removing the limited liability protection, include: The existence of fraud, wrongdoing, or injustice to third parties. Failing to keep affiliate or subsidiary companies separate.
"Piercing the corporate veil" refers to a situation in which courts put aside limited liability and hold a corporation's shareholders or directors personally liable for the corporation's actions or debts. Veil piercing is most common in close corporations.
Defendants claim that alter ego liability is a question of law that the Court must determine. Plaintiffs claim just the opposite; that alter ego liability is a matter of fact, to be resolved by the trier of fact: the jury.
Alter ego is a legal doctrine whereby the court finds that a corporation lacks a separate identity from an individual or corporate shareholder. The court applies this rule to ignore the corporate status of a group of stockholders, officers, and directors of a corporation with respect to their limited liability.
The Alter Ego Doctrine New York courts may permit the piercing of the corporate veil between affiliated or subsidiary corporations in instances where the dominant or parent corporation uses the subservient corporation to engage in wrongful conduct.