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[AFN] Is a parent corporation responsible for it's subsidiary's actions?

kingworldnews.com | November 10, 2014

By Brena Swanson

Yes - if the subsidiary commits fraud. "It is a general principle of corporate law that a parent corporation (so-called because of control through ownership of another corporation's stock) is not liable for the acts of its subsidiaries. But there is an equally fundamental principle of corporate law, applicable to the parent-subsidiary relationship as well as generally, that the corporate veil may be pierced and the shareholder [parent corporation] held liable for the corporation's [subsidiary] conduct when, inter alia, the corporate form would otherwise be misused to accomplish certain wrongful purposes, most notably fraud, on the shareholder's behalf." See US Supreme Court case below.

US Supreme - United States v. Bestfoods | Parent Corp is Responsible for Subsidiary when fraud is committed (PDF)


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Nancy Duffy McCarron, CBN 164780
Attorney, Real Estate Broker, BBB Arbitrator, CA Notary Public
Certified Forensic Loan Auditor, Property Manager

 

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