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<blockquote data-quote="Wincenworks" data-source="post: 9315149" data-attributes="member: 7038835"><p>The easiest way to explain the corporate veil is it's basically a one way shield that protects shareholders from becoming collateral damage when their companies explode.</p><p></p><p>The idea goes back to 1600s England where rich people wanted to pool resources into high risk ventures (usually involving colonialism) but also wanted to limit their risk to the amount invested. Thus the set up where a company is normally considered an entirely different entity from the shareholders (even if there's only one shareholder). So if you buy $10,000 worth of shares and it turns out the company is horrifically negligent and ends up in the red for billions, you only lose your $10,000.</p><p></p><p>If however, you personally end up in debt - your $10,000 of shares are fair game to creditors, because it's your debt and those shares are one of your non-essential possessions.</p><p></p><p>So, if Wizards of the Coast prevails and Justin doesn't pay them - they will be able to do things like put liens on his properties, and force the sale of his companies (or shares in them) regardless of whether there is any involvement between those properties/companies and the lawsuit.</p><p></p><p>This why I say company protections are immensely powerful, but it is very important to dot your i's and cross your t's if you're going to rely upon them - because the moment your adversary can side-step the corporate veil, <em>everything</em> is on the table. Your personal bank accounts, your home, the inheritance you receive the day after the court ruling... EVERYTHING.</p></blockquote><p></p>
[QUOTE="Wincenworks, post: 9315149, member: 7038835"] The easiest way to explain the corporate veil is it's basically a one way shield that protects shareholders from becoming collateral damage when their companies explode. The idea goes back to 1600s England where rich people wanted to pool resources into high risk ventures (usually involving colonialism) but also wanted to limit their risk to the amount invested. Thus the set up where a company is normally considered an entirely different entity from the shareholders (even if there's only one shareholder). So if you buy $10,000 worth of shares and it turns out the company is horrifically negligent and ends up in the red for billions, you only lose your $10,000. If however, you personally end up in debt - your $10,000 of shares are fair game to creditors, because it's your debt and those shares are one of your non-essential possessions. So, if Wizards of the Coast prevails and Justin doesn't pay them - they will be able to do things like put liens on his properties, and force the sale of his companies (or shares in them) regardless of whether there is any involvement between those properties/companies and the lawsuit. This why I say company protections are immensely powerful, but it is very important to dot your i's and cross your t's if you're going to rely upon them - because the moment your adversary can side-step the corporate veil, [I]everything[/I] is on the table. Your personal bank accounts, your home, the inheritance you receive the day after the court ruling... EVERYTHING. [/QUOTE]
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