Description

Business owners are increasingly relying on limited liability companies to limit their individual exposure for debts created from business operations. But increasing numbers of plaintiffs are bringing actions to “pierce the corporate veil” of both Corporations and LLC’s.

What are the current standards for when officers, directors, or shareholders can be considered “alter ego’s” of their businesses, and thus held personally liable for business debts? Do recent developments in the Unfair Competition Law create even more liability for such business owners and operators? What does it mean for a new business to be “inadequately capitalized” or fail to follow “corpor¬ate formalities?” When the Legislature creates a new statute, such as under the Labor Code, with specific remedies against individuals, does the new statute eliminate this equitable remedy? 

Join this panel to explore these issues as well as best current practices to limit exposure to liability under this cause of action and respond to the claim in litigation. 

Speakers:

Lawrence Jensen of Lawrence R. Jensen and Associates 

Richard Schramm of Hoge, Fenton, Jones & Appel, Inc 

MCLE: 1 Hour General Substantive Credit