{"id":338,"date":"2014-08-11T13:47:59","date_gmt":"2014-08-11T13:47:59","guid":{"rendered":"http:\/\/www.michaelsmithlaw.com\/blog\/2014\/08\/llc-veil-piercing-required-cor.html"},"modified":"2023-11-28T13:40:14","modified_gmt":"2023-11-28T18:40:14","slug":"llc-veil-piercing-required-cor","status":"publish","type":"post","link":"https:\/\/www.hpindiana.law\/business-blog\/llc-veil-piercing-required-cor\/","title":{"rendered":"LLC Veil Piercing:  Required Corporate Formalities, revisited"},"content":{"rendered":"<p>One of the factors for determining when the owners of an LLC (or a corporation) may be held liable for the obligations of the business is whether the required corporate formalites have been observed. A while back, we posted an article about the <a href=\"https:\/\/www.hpindiana.law\/business-blog\/indiana-limited-liablity-compa\">required corporate formalities<\/a> for Indiana limited liability companies. One of them is that each Indiana LLC must maintain certain records and must make them available to members for inspection and copying. Notably, that requirement is not a default provision that can be reduced or eliminated by the operating agreement.<\/p>\n<p>Last week the LLC Law Monitor blog by Doug Batey of Stoel Rives commented on a Massacusetts case, Kosanovich v. 80 Worcester Street Associates, LLC, No. 201201 CV 001748, 2014 WL 2565959 (Mass. App. Div. May 28, 2014), that imposed liability on the sole member of a Massachusetts limited liability company primarily because of the LLC&#8217;s failure to maintain records. Doug described the case (correctly, in my view) as &#8220;an outlier decision on veil-piercing&#8221; for piercing the veil based on so little.<\/p>\n<p> <a href=\"https:\/\/www.hpindiana.law\/business-blog\/llc-veil-piercing-required-cor\/#more-338\" class=\"more-link\">Continue reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the factors for determining when the owners of an LLC (or a corporation) may be held liable for the obligations of the business is whether the required corporate formalites have been observed. A while back, we posted an article about the required corporate formalities for Indiana limited liability companies. One of them is [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-338","post","type-post","status-publish","format-standard","hentry","category-limited-liability-companies"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>LLC Veil Piercing: Required Corporate Formalities, revisited &#8212; Indiana Business Law Blog &#8212; August 11, 2014<\/title>\n<meta name=\"description\" content=\"One of the factors for determining when the owners of an LLC (or a corporation) may be held liable for the obligations of the business is whether the &#8212; August 11, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.hpindiana.law\/business-blog\/llc-veil-piercing-required-cor\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michael R. Smith\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"LLC Veil Piercing: Required Corporate Formalities, revisited &#8212; Indiana Business Law Blog &#8212; August 11, 2014","description":"One of the factors for determining when the owners of an LLC (or a corporation) may be held liable for the obligations of the business is whether the &#8212; August 11, 2014","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.hpindiana.law\/business-blog\/llc-veil-piercing-required-cor\/","twitter_misc":{"Written by":"Michael R. 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