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Family Business Review
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Protecting the Limited Liability Feature of Your Family Business: Evidence from the U.S. Court System

Deborah L. Murphy

AmSouth Center for Closely-Held Firms at The University of Tennessee, Knoxville, TN

J. Edward Murphy

J. Edward Murphy Law Firm, Spring City, TN

One of the benefits cited for the organizational structure of a corporation or limited liability company is the limited liability feature associated with these forms of organization. However, our legal system contains a judicial doctrine known as piercing the corporate veil, which essentially asks the courts to disregard the limited liability feature of the organization and impose personal liability on the shareholders, officers, andqor directors. This study provides evidence regarding the extent to which the U.S. courts have ruled to pierce the corporate veil and suggests steps that family-owned businesses can take to minimize this potential risk.

Family Business Review, Vol. 14, No. 4, 325-334 (2001)
DOI: 10.1111/j.1741-6248.2001.00325.x
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