Grifco Inc (GFCI)

[cyofish]

Can Grifco's corporate veil be pierced and JD personally held liable? The following are factors that would convince the courts to pierce the corporate veil according to law...

"Corporate form should not be used to defeat public convenience, to justify wrong, protect fraud, or defend crime."

Factors to induce courts for piercing the corporate veil -
? Comingling of funds
? Using corporate funds for shareholder's personal use
? Failure to maintain corporate formalities (public filings, sh meeting, these factors alone won't pierce the veil but would add to evidence)
? Use corporation as a mere shell or conduit to operate a single venture or some particular aspect of the business of an individual shareholder
? Absence of separately held corporate assets
? Formation and use of corporation to assume the existing liabilities of another person or entity
? Failure to adequately capitalize the corporation (inadequate insurance, inadequate capitalization)