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Senate Judiciary Committee adopts substitute to clarify when corporate veil can be pierced
Summary
The Ohio Senate Judiciary Committee adopted a substitute to Senate Bill 146 that, supporters say, would codify Ohio common-law standards for piercing the corporate veil and limit regulatory efforts to impose personal liability on business owners and officers.
The Ohio Senate Judiciary Committee adopted a substitute to Senate Bill 146 that supporters say would codify the state's common-law standards for piercing the corporate veil and narrow circumstances under which individuals can be held personally liable for acts of a business.
The substitute was offered and moved for adoption by Vice Chair Reynolds and, after no objections were raised during committee discussion, "the substitute bill is adopted," the chair announced. The committee then heard proponent testimony from business and industry representatives before recording the item as the bill's second hearing.
Supporters said the change is meant to preserve the traditional balance between corporate separateness and holding…
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