Can there be 2 businesses with the same address?

Answer: Yes, But… To have more than one Google my business listing at the same address, you must be legitimately operating multiple legally distinct businesses. It’s not all that uncommon for more than one business to be located at a shared address but you need to keep reading for more provisions and details.

What are 4 circumstances that might persuade a court to pierce the corporate veil?

A few worth noting are set forth as follows:

• The existence of fraud, wrongdoing, or injustice to third parties.
• Failure to maintain the separate identities of the companies.
• Failure to maintain separate identities of the company and its owners or shareholders.
• Failure to adequately capitalize the company.

Can you have multiple businesses under one corporation?

Generally speaking, there are three different ways to structure multiple businesses: one can create individual corporations/LLCs/partnerships for each business, create fictitious names/DBAs under one corporation/LLC, or a holding company can be formed in which all businesses operate under.

How do you avoid piercing the corporate veil LLC?

To prevent creditors from piercing the corporate veil, the corporation must maintain a separate bank account, file separate tax returns, and use corporate assets only for corporate purposes. The corporation should not be used as a lender for its Officers, Directors or Shareholders.

Can an LLC be pierced?

Piercing the veil is a remedy in which courts will disregard the corporation or LLC’s separate existence. Then, if the corporation or LLC fails to pay, the creditor will sue the shareholders or members, asking the judge to pierce the veil to hold the shareholder or member personally liable.

What is the most likely effect if a court pierces the corporate veil?

If a court pierces a company’s corporate veil, the owners, shareholders, or members of a corporation or LLC can be held personally liable for corporate debts. This means creditors can go after the owners’ home, bank account, investments, and other assets to satisfy the corporate debt.

Can you operate two businesses under one name?

The answer is yes–it is possible and permissible to operate multiple businesses under one LLC. Many entrepreneurs who opt to do this use what is called a “Fictitious Name Statement” or a “DBA” (also known as a “Doing Business As”) to operate an additional business under a different name.

What happens if you pierce the corporate veil?

Corporations are separate legal entities so the owners or shareholders will not be held liable for any of the debts that the business incurs. If you pierce the corporate veil, this protection will be invalid and you’ll be legally responsible for the debts of your business.

In what circumstances would a court pierce the veil of incorporation?

A court will pierce the corporate veil when it finds that the corporation is an agent of its shareholder, and will hold the principal vicariously liable, due to the respondeat superior doctrine.

What does it mean to pierce the corporate veil?

But when cash is tight and owners aren’t careful, if an unpaid creditor sues for payment a court might “pierce the corporate veil” (lift the corporation or LLC’s veil of limited liability) and hold the owners personally liable for their company’s business debts. Read on to learn the rules about piercing the corporate veil.

What is a factual example of a corporate veil case?

This factual example is similar to Ocala Breeders’ Sales Co. v. Hialeah, Inc., 735 So. 2d 542 (Fla. 3d DCA 1999), where the court pierced the corporate veil to pursue the personal liability of corporate officers.

Who is liable for a Yacht Corporation’s veil piercing?

Resultantly, the yacht corporation had its veil pierced and its sole shareholder and one of his other closely-held corporations were found liable for the underlying judgment. The takeaway here is to take an outsiders perspective on transactions and business decisions.

Why shouldn’t I use my registered address as my business address?

This is because doing so can potentially eliminate the liability protection of the LLC. If you’re not your own Registered Agent, then you SHOULD NOT USE the Registered Address as your company’s business address. The reason is this address is not in your control.