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Key Topics
Requirement
Answer the following questions
1) How is corporate liability different from liability under respondent superior?
2) Why is the concept of piercing the corporate veil important to any corporation?
Solution
1. How is corporate liability different from liability under respondent superior?
Answer
Liability under respondent superior means that if the employee of a company does any negligent acts or they do any omissions, then the employer is responsible for that. When the torts are committed in any business, then the business has to bear that cost of doing business and hence the liability is of the employer (Achtenberg, 1983).
But in the corporate liability, there are areas and acts defined for which the corporation is held liable for the acts and the omissions that the people in it do. Unlike the ‘Liability under respondent superior’, the corporation is not held responsible for ALL the acts and omissions done by the employees.
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2. Why is the concept of piercing the corporate veil important to any corporation?
Answer
Piercing the corporate veil means that the limited liability of the shareholders, directors etc. is pit aside by the court and they are held personally accountable for the debts and the actions of the corporation (Barber, 1980). It is important to any corporation because sometimes the people at the top management of the company try to personally benefit from the earnings of the company and in the name of the company; they try to escape from the personal liabilities. So, by conducting this act of piercing the corporate veil, these people can be exposed and the company can be saved from the losses and from getting its image tarnished.
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Achtenberg, D.J., 2004. Taking History Seriously: Municipal Liability Under 42 USC 1983 and the Debate Over Respondeat Superior. Fordham L. Rev.,73, p.2183.
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Barber, D.H., 1980. Piercing the Corporate Veil. Willamette L. Rev., 17, p.371.
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