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Source Piercing the Corporate Veil Wisconsin Bar Exam Topic Index Matched to this deck.

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A creditor seeks to hold the sole shareholder of a corporation personally liable for a corporate debt. The creditor proves the corporation has no assets and that the shareholder owns every share, but offers no evidence of commingling, domination, asset diversion, undercapitalization, or misuse of the corporate form.
Which statement best describes the alter-ego standard?

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Veil piercing is available only when the shareholder expressly guaranteed the debt. A shareholder is personally liable whenever the shareholder owns all shares of the corporation. A creditor generally must show domination or unity of interest plus misuse of separateness such that respecting the entity would produce an inequitable result. A shareholder is personally liable whenever the corporation cannot pay a debt.

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