Limited Liability and Veil Piercing

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AMINI MANSOUR; vahedi simin

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Journal Paper

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Journal: PRIVATE LAW Year:2019 | Volume:7 | Issue:27 Page(s): 63-91

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Information Journal Paper

Title

Limited Liability and Veil Piercing

Author(s)

AMINI MANSOUR | vahedi simin | Issue Writer Certificate

Keywords

Corporate lawQ1

Limited liabilityQ1

EfficiencyQ1

Moral hazardQ1

Veil piercingQ1

Abstract

Limited liability of shareholders of corporations is the primary principle of Corporate law in most countries. Limited liability is however subject of debates by law and economic scholars. The research method applied in this research is theoretical analysis and the research approach is non-normative analyzing the possible solution without considering status que in search of most efficient solution. Limited liability is not efficient in terms of economic analysis of law, particularly in the context of company group, which is the main actor of the today’ s world. The externalities created by abuse of company form exceed its benefits. Common law doctrine of Veil piercing sets aside the veil of corporation and holding shareholders personally liable for company debts in case of abuses by shareholders or lack of observance of company formalities. This doctrine can modify the effect of the externalities and reduce Moral hazard created by limitation of liability. Such theory or similar mechanisms, except with special regulations related to the tax and banking system, do not exist in Iran legal system. Therefore legislation in this regard is recommended.

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APA: Copy

AMINI, MANSOUR, & vahedi, simin. (2019). Limited Liability and Veil Piercing. PRIVATE LAW, 7(27 ), 63-91. SID. https://sid.ir/paper/252739/en

Vancouver: Copy

AMINI MANSOUR, vahedi simin. Limited Liability and Veil Piercing. PRIVATE LAW[Internet]. 2019;7(27 ):63-91. Available from: https://sid.ir/paper/252739/en

IEEE: Copy

MANSOUR AMINI, and simin vahedi, “Limited Liability and Veil Piercing,” PRIVATE LAW, vol. 7, no. 27 , pp. 63–91, 2019, [Online]. Available: https://sid.ir/paper/252739/en

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