PTCV Flashcards
1
Q
What is PTCV?
A
Pierce the veil of corporations to prevent fraud or unfairness
2
Q
Causes of Action - PTCV
A
Alter ego - Failing to observe corporate formalities (officer commingling funds)
Undercapitalization: insufficient capital (low insurance policy for dangerous industry)
3
Q
PTCV Essay Structure
A
As a rule, Shareholders cannot be held liable for the debts of a corporation.
However, courts will PTCV to prevent fraud or unfairness.
In this Case….
Virginia is more likely to PTCV for tort claimants.
