AICPA每日一练之REG【2016-1-25】

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Which of the following acts is most likely to cause a court to pierce the corporate veil?

A. Failure to conduct a significant portion of business in the chartering state.

B. Using corporate assets for the owner’s personal purposes.

C. Retention of excess capital.

D. Failure to designate a registered agent in the Articles of Incorporation (Charter).

Answer:B

B is corrent. The requirement is to identify the circumstances that would most likely cause the court to pierce the corporate veil. Piercing the corporate veil may occur when the corporation is used to perpetrate fraud (e.g., forming an undercapitalized corporation), the owners and officers do not treat the corporation as a separate entity, shareholders commingle assets, or corporate formalities are not followed. The concept of piercing the corporate veil is designed to protect creditors. Therefore, B is corrent because using corporate assets for owner’s personal purposes involves commingling of assets.

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