Well there is no case in my opinion. From either Mr. Merideth or Mr. Sazant. They claim they will pierce the corporate veil but that is highly unlikely. Nevada is the hardest state in the country to do so. Been done once I believe in the last twenty years.
The Nevada Supreme Court has made clear that unless the plaintiff is able to meet the burden of proving that "the financial setup of the corporation is only a sham and caused an injustice," the veil is unlikely to be pierced.
In 1987, the Nevada Legislature passed a revolutionary law that permits corporations to place provisions in their articles of incorporation that eliminates the personal liability of officers and directors to the stockholders of Nevada Corporations.
This is one of the main reasons large corporations like Citibank are domiciled in Nevada. Delaware and a few other states soon adopted lesser versions of this law, but Nevada’s law remains among the most thorough and comprehensive in the country.
Contained in the Nevada Revised Statues (78.037), the law in part reads as follows:
"The articles of incorporation may also contain: A provision eliminating or limiting the personal liability of a director or officer to the corporation or its shareholders for damages for breach of fiduciary duty as a director or officer, but such provision must not remove or limit the liability of a director or officer for: Acts or omissions which involve intentional misconduct, fraud or a knowing violation of law"
Nevada Corproation Statutes allow for the indemnification of all officers, directors, employees, stockholders, or agents of a corporation for all actions that they take on behalf of the corporation that they had reasonable cause to believe was legal. This indemnification can include any and all civil, criminal and administrative action. (See NRS 78.751.) Nevada law provides complete protection for the officers and directors of Nevada corporations.
"unless outright fraud is involved, it is impossible to pierce the corporate veil in Nevada. So even if your Corporation or LLC gets sued and looses, your personal assets are safe! No wonder so many attorneys recommend incorporating here, even if the Nevada Corporation or LLC plans to open offices in another State. You will not find better protection anywhere!
If your corporation or LLC is found liable in a action that included other defendants, then your Nevada Corporation or LLC is protected further by Nevada Law because joint and several liability are not applied, instead a percentage of fault to each defendant, from zero to one hundred is applied."
