corporate veil

Definition

The legal separation between a corporation and its owners that protects personal assets from business liabilities. That thin fabric preventing your CEO's yacht from being seized when the company tanks.

Example Usage

They tried to pierce the corporate veil to go after the founders' personal assets, but the structure held.

Origin

Legal terminology dating to the establishment of limited liability companies in the 19th century

Fun Fact

Courts can 'pierce the veil' when companies are operated fraudulently, proving that even metaphorical fabric has its limits.

Source: Corporate law and business entity structure terminology

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